MANILA, Philippines — President Rodrigo Duterte has signed the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, but vetoed several provisions, including tax exemption thresholds for socialized housing, Malacaang said Friday.
“I confirm that CREATE law has been signed with some items vetoed,” presidential spokesperson Harry Roque said Friday in a message to reporters.
The law cuts corporate income tax from the current 30 percent, the highest in Southeast Asia, to 25 percent for large corporations and 20 percent for micro, small, and medium enterprises.
However, the President vetoed several provisions, one of which provides a value-added tax (V…
Keep on reading: Duterte signs CREATE law, vetoes tax exemption thresholds on housing