Dominguez urges Senate to pass CREATE before June break

Finance Secretary Carlos Dominguez III urged the Senate to pass the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) before its June break.

The bill, a revised version of the Corporate Income Tax and Incentives Reform Act (CITIRA), aims to cut the corporate income tax rate from 30% to 25% starting July.

Dominguez highlighted that CREATE would free up PHP42 billion in business capital for this year alone and P625 billion over five years, making it a significant economic stimulus measure.

The bill also includes enhanced net operating loss carryover provisions and streamlined management of tax incentives through the Fiscal Incentives Review Board.