President Rodrigo Duterte on Monday called on Congress to pass the tax reform measure seeking to reduce corporate income tax to 25% from 30%.
"We must facilitate the country's economic recovery. A call now is to fast-track the passage of the proposed measure such as the Corporate Recovery and Tax Incentives Enterprises or CREATE Act," Duterte said during his fifth State of the Nation Address.
"This immediately catches the corporate income levy from the current 30 to 25% and give government flexibility to grant a combination of fiscal and non-fiscal incentives among others," he added.
The CREATE Act is the modified version of proposed Corporate Income Tax and Incentives Reform Act (CITIRA).
The CITIRA bill was approved in the House of Representatives in September 2019 as House Bill 4157, while the Senate version was certified urgent by President Duterte and is undergoing interpellations. —KBK, GMA News