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CREATE – Corporate Recovery and Tax Incentives for Enterprises Act
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CREATE – Corporate Recovery and Tax Incentives for Enterprises Act
₱1,499.00 ₱1,399.00 + VAT
Introduction
The Philippines currently imposes the highest Corporate Income Tax rate in the ASEAN region, which is a burden to micro, small, and medium enterprises (MSMEs) that are dealing with the effects of COVID-19. Even before the pandemic, the 30 percent CIT rate hindered local businesses from expanding, growing, and competing with their regional counterparts.
CREATE seeks to vigorously fight the impact of COVID-19 and help get businesses back on their feet as quickly as possible. In the second half of this year alone, the accelerated reduction in the CIT rate will result in a reduction of government revenues estimated at around PHP 40 billion that all firms, especially the country’s micro, small, and medium enterprises (MSMEs), can use to fund their operations and retain employees. For the succeeding 5 years, the total estimate is about PHP 600 billion in foregone government revenues that these firms can invest in the revitalization of their businesses and to create even more jobs for Filipino workers.
Course Outline
1. Declaration of Policy
- Objectives
2. INCOME TAX
- One Person Corporation
- Corporate Income Tax Rate (change in tax rates)
- MCIT change in rate
- Non-profit hospitals and educational institutions lower taxes
- Income Tax Exemption of HDMF
- Lowered Tax Rates of Resident Foreign Corporations
- OBUs subject to regular corporate income tax
- Regional or Area Headquarters and Regional Operating Headquarters of Multinational Companies subject to regular corporate taxes
- Taxes of Non-resident Foreign Corporations
- Improperly Accumulated Earnings Tax amendment
- Training Expenses for Skills Development of Enterprise Based Trainees
- Interest Expenses reduction
- Tax Free Exchange amendment
- Passive Income Tax on Non-resident Alien Individual
- Intercorporate dividends received by a domestic corporation for foreign sourced dividends
- Interest from Deposits and Yield on deposit substitutes, trust funds, royalties
- Capital gains on sale of shares of stocks by resident foreign corporation
- Capital gains on sale of shares of stocks not traded in the local stock exchange
- CWT subject to review of DOF and BIR
3. VAT Provisions
- VAT exemption threshold on sale of real property
- VAT exemption on sale of digital and electronic format copy of books
- VAT exemption on sale and importation of certain prescription drugs
- VAT exemption on sale and importation of COVID19 medical requirements
- Lower taxes for small businesses exempt from VAT
4. Tax Administrative Provisions
- Submission of Tax Related Information to DOF
- Tax Refund, 90 days claim
5. Tax Incentives
- Income Tax Holiday
- Special Corporate Income Tax
- Enhanced deductions
- Duty exemptions on Importation of capital equipment, raw materials, spare parts, or accessories
- VAT exemption on Importation and VAT Zero Rating on Local Purchases
- Importation of Covid19 vaccine
- Direct Importation of Petroleum Products
- Prohibition on registered activities
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