QUEZON CITY (PIA) — President Ferdinand Marcos Jr. signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act on Monday, Nov. 11.
The new law is priority legislation of the Marcos administration that aims to generate more jobs and bring in new investors to the country.
”This law stands as a symbol of the invaluable insights shared by our international partners, gathered during my trips abroad. Their feedback has enriched this legislation, a reflection of our resolve to foster a climate where businesses will flourish and continue to meaningfully contribute to the Philippine economy,” Marcos said.
Moreover, he said that the new law sets the stage for a business environment that empowers the country’s enterprises for greater growth prospects.
”By building on the reforms initiated through the CREATE Act, we have enhanced our tax regime [and] incentive framework, making it more inviting for investment while remaining steadfast in the principles of fiscal prudence and stability,” he said.
Expected under the law is an efficient approval process by raising the investment capital approval threshold for our investment promotion agencies from P1 billion to P15 billion. Along with this is the enhancement of the competitiveness of tax incentives to attract investors.
Moreover, the new law exempts from value-added tax (VAT) goods and services such as janitorial, security, financial consultancy, marketing, and human resources, as well as simplify the tax process for businesses by introducing a not more than 2% Registered Business Enterprise Local Tax (RBELT) based on gross income.
With the President during the occasion were honorable members of the Senate led by Senate President Francis Escudero and the honorable members of the House of Representatives led by Speaker Ferdinand Martin Romualdez.
Also witnessing the event were distinguished members of the Cabinet and senior government officials led by Executive Secretary Lucas Bersamin.
Joining the landmark occasion from the private sector were representatives of key development partners and stakeholders. (PIA DMD)
