MANILA, Philippines — The House of Representatives ratified Wednesday the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which seeks to reform corporate income taxes and incentives in the country.
During its session, the lower chamber ratified the bicameral conference committee report on the disagreeing provisions of House Bill No. 4157 and Senate Bill No. 1357 or the two chambers’ respective versions of CREATE Act.
Under the measure, corporate income tax is lowered from 30 percent to 25 percent for large corporations, and from 30 percent to 20 for small and medium corporations (with net taxable income below P5 million and total assets below P100 million).
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Keep on reading: House ratifies bill seeking to reform corporate income taxes, incentives