MANILA, Philippines — The Senate and the House of Representatives on Wednesday ratified a key economic reform bill that would give companies a “much-needed tax break” by lowering the corporate income tax after the two chambers agreed on a consensus version.
The Senate approved the final, uniform version of the proposed Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, on Wednesday afternoon, a few hours after it was passed by the House.
CREATE, formerly called Citira, or the Corporate Income Tax and Incentives Reform Act, will lower the corporate income tax immediately from 30 percent to 25 percent.
Sen. Pia Cayetano, who led the Senate contingent during bic…
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