The CREATE MORE Act aims to amend and enhance the existing Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to enhance fiscal incentive regimes and create a more stable investment climate to attract and retain investors.
The legislation seeks to:
- Reduce the corporate income tax from 25% to 20% for eligible companies under the enhanced deductions regime.
- Modernize the approval process for large-scale investments by raising the review threshold for Investment Promotion Agencies to ₱15 billion.
- Restore VAT incentives for registered business enterprises (RBEs) on essential operational expenses, providing zero-rating for direct business costs.
- Support emerging work arrangements, such as Work-from-Home setups, for up to 50% of an RBE’s workforce, while maintaining incentives.
Read statements released by the Joint Foreign Chambers of the Philippines on the CREATE MORE Act here:
Read Arangkada’s Legislation Policy Brief here:
The first Arangkada Philippines Legislation policy brief was released in September of 2013, in the middle of former President Benigno S. Aquino 3rd’s term and in the first year of the 16th Congress. In it we wrote the following about legislation in the Philippines: the country has both well-crafted laws copied by others and badly outdated ones that need to be amended or repealed; the country’s bicameral system, which requires deliberation, approval, reconciliation of differences, and separate ratification by both Houses of Congress before presidential enactment, is not designed to legislate rapidly; and bills can both stall for many years in successive Congresses or, occasionally, move through Congress in a surprisingly short period.