{"id":875,"date":"2024-10-24T06:22:03","date_gmt":"2024-10-24T06:22:03","guid":{"rendered":"https:\/\/arangkadaphilippines.com\/forum2024\/?p=875"},"modified":"2024-11-14T06:25:44","modified_gmt":"2024-11-14T06:25:44","slug":"marcos-to-sign-create-more-bill-by-november-tax-cuts-await-domestic-and-foreign-firms","status":"publish","type":"post","link":"https:\/\/arangkadaphilippines.com\/forum2024\/2024\/10\/24\/marcos-to-sign-create-more-bill-by-november-tax-cuts-await-domestic-and-foreign-firms\/","title":{"rendered":"Marcos to sign CREATE MORE bill by November: Tax cuts await domestic and foreign firms"},"content":{"rendered":"<p><em>Bilyonaryo.com, October 24, 2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>President Ferdinand R. Marcos Jr. is expected to sign the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill next month, which aims to reduce the tax rate for both domestic and foreign companies from 25 percent to 20 percent.<\/p>\n<p>\u201cIt\u2019s scheduled for signing in November, specifically on the 11th, barring any typhoons or calamities,\u201d Senate President Francis Escudero said at the 13th Arangkada Philippines Forum held at the Marriott Hotel in Pasay City.<\/p>\n<p>The CREATE MORE bill seeks to attract greater foreign investment into the Philippines by creating a more predictable and sustainable business environment, which, in turn, is expected to generate job opportunities for Filipinos and encourage local employment rather than seeking work abroad.<\/p>\n<p>Escudero expressed a high degree of confidence, saying he is \u201c90 percent sure\u201d that the bicameral version of the bill will be approved.<\/p>\n<p>Recognized as a \u201ctop priority\u201d by the Legislative-Executive Development Advisory Council, the CREATE MORE initiative also proposes the elimination of value-added tax (VAT) on essential services. It will allow large domestic enterprises to take advantage of VAT zero rating, exemptions, and duty waivers.<\/p>\n<p>The Senate has adopted the House of Representatives\u2019 recommendations to apply the new 20-percent corporate income tax rate to both CREATE and CREATE MORE beneficiaries, allow local government units to set the registered business enterprise local tax below 2 percent, and provide tax refunds to petroleum suppliers for all tax-exempt entities.<\/p>\n<p>\u201cI am 90% confident that it will remain as is, as it was specifically coordinated with the Office of the President,\u201d Escudero said.<\/p>\n<p>\u201cWe\u2019re working closely with the Office of the Executive Secretary and the Office of the President on the versions we\u2019re approving to ensure there\u2019s no back and forth.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/bilyonaryo.com\/2024\/10\/24\/marcos-to-sign-create-more-bill-by-november-tax-cuts-await-domestic-and-foreign-firms\/business\/\">https:\/\/bilyonaryo.com\/2024\/10\/24\/marcos-to-sign-create-more-bill-by-november-tax-cuts-await-domestic-and-foreign-firms\/business\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bilyonaryo.com, October 24, 2024 &nbsp; President Ferdinand R. Marcos Jr. is expected to sign the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill next month, which aims to reduce the tax rate for both domestic and foreign companies from 25 percent to 20 percent. \u201cIt\u2019s scheduled [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[35,38,40],"class_list":["post-875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-13th-arangkada-philippines-forum","tag-create-more","tag-legislative-executive-development-advisory-council"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Marcos to sign CREATE MORE bill by November: Tax cuts await domestic and foreign firms - The 13th Arangkada Philippines Forum<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arangkadaphilippines.com\/forum2024\/2024\/10\/24\/marcos-to-sign-create-more-bill-by-november-tax-cuts-await-domestic-and-foreign-firms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcos to sign CREATE MORE bill by November: Tax cuts await domestic and foreign firms - The 13th Arangkada Philippines Forum\" \/>\n<meta property=\"og:description\" content=\"Bilyonaryo.com, October 24, 2024 &nbsp; President Ferdinand R. 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