MANILA, Philippines — The Senate on Thursday approved on third and final reading a bill seeking to reform corporate income taxes and incentives, following months of lengthy debates.
Voting 20-1, senators passed Senate Bill No. 1357 or the proposed Corporate Recovery and Tax Incentives Reform Act (CREATE), formerly called the proposed Corporate Income Tax and Incentives Reform Act.
Senator Richard Gordon was the only senator who opposed the approval of the bill.
The said measure was certified as urgent by President Rodrigo Duterte last March.
The bill seeks an outright five-percent cut in t…
Keep on reading: Senate approves CREATE bill