House, Senate ratify CREATE, lowing corporate tax

The House and Senate ratified the Corporate Recovery and Tax Incentives Reform Act (CREATE) on Wednesday, February 3.

The bill lowers corporate income tax from 30% to 25% for large corporations and to 20% for small businesses.

Sen. Pia Cayetano expressed satisfaction over finding common ground with the House after years of delay.

President Rodrigo Duterte will now review the bill for signing into law.