By JON VIKTOR D. CABUENAS, GMA Integrated News
Published October 24, 2024 2:19pm
President Ferdinand “Bongbong” Marcos Jr. is set to sign the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill into law next month, Senate President Francis “Chiz” Escudero said Thursday.
Speaking before local and foreign businessmen, Escudero said the measure, which seeks to encourage more investors to come to the Philippines, has been transmitted to Malacañang and is set to be signed by Marcos on November 11.
The Senate in September passed the CREATE More Bill, a priority measure of the administration, on third and final reading. It was approved by the bicameral conference committee the same month.
The CREATE MORE bill seeks to lower the corporate income tax for domestic and foreign companies to 20% from 25%, and improve the value-added tax (VAT) refund process.
Under the existing VAT refund process, any excess input VAT credit arising from zero-rated sales or previously from significant capital expenditures would have to be paid back by the government.
Escudero said that he is 90% sure the bicam version would be approved, with 10% room for any last-minute adjustments the President might think necessary.
“90% sure that it will be as is because it was coordinated specifically with the Office of the President,” he told reporters on the sidelines of the Arangkada Philippines Forum in Pasay City.
“We’re coordinating closely with the Office of the Executive Secretary and the Office of the President with respect to the versions that we’re approving, para wala na ‘yung balikan. Nangyayari lang naman ‘yung balikan noon eh (so that there will be no back and forth. That only happened before),” he added. — VBL, GMA Integrated News
