Business Groups Urge Immediate Passage Of Create Bill

Title: Title: Business groups urge immediate passage of CREATE bill Date: Date: Monday May 25, 2020.

Summary: The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill has gained support from business groups such as the Philippine Chamber of Commerce and Industry (PCCI) and the Makati Business Club (MBC). Both organizations lauded the immediate reduction of corporate income tax to 25 percent from the current 30 percent. PCCI also welcomed the extension of net operating loss carryover (Nolco) from three years to five years for losses incurred this year, while MBC urged the government to add five years to the sunset provisions in CITIRA for existing investors and offer new investors at least 10 years. Both business groups urged the Senate and House of Representatives to immediately pass the CREATE bill.