Will CREATE Resolve the Philippines’ Unemployment Woes Amidst the COVID-19 Pandemic?
In response to the COVID-19 pandemic, there is a proposal to amend the Corporate Income Tax and Incentives Reform Act (CITIRA) into the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act. The proposed amendments are as follows: (a) An immediate five percentage point cut into the...
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| Main Authors: | , |
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| Format: | text |
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Animo Repository
2020
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| Online Access: | https://animorepository.dlsu.edu.ph/res_aki/121 https://animorepository.dlsu.edu.ph/context/res_aki/article/1110/viewcontent/Will_CREATE_Resolve__the__Philippines_Unemployment_Woes_Amidst_the_COVID_19_Pandemic.pdf |
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| Institution: | De La Salle University |
| Summary: | In response to the COVID-19 pandemic, there is a proposal to amend the Corporate Income Tax and Incentives Reform Act (CITIRA) into the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) Act. The proposed amendments are as follows: (a) An immediate five percentage point cut into the corporate income tax (CIT) rate starting July 2020; (b) Maintaining for up to nine years the status quo for registered business activities enjoying the 5% tax on gross income earned (GIE) incentive; and (c) More flexibility for the President to grant a combination of fiscal and non-fiscal incentives, which will be critical as the country competes internationally for high-value investments (Department of Finance (DOF), 2020). |
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