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LNG companies eye more incentives in bill

Industry players in the emerging liquefied natural gas industry are seeking more incentives to help ensure the development and sustainability of the natural gas sector......»»

Category: lifestyleSource: abscbn abscbnJan 15th, 2021

DOF seeks swift passage of 2021 budget, economic measures

The Department of Finance (DOF) has sought the swift enactment by Congress of the proposed national budget for next year along with the economic priority measures to rebuild the economy and decisively defeat coronavirus. Finance Secretary Carlos G. Dominguez III ( MB FILE, Albert Garcia) During a briefing for the Senate finance committee, Finance Secretary Carlos G. Dominguez III said the timely enactment of the P4.506 trillion 2021 national budget is a key component of the government’s comprehensive program under its economic bounce-back plan. On top of the budget, Dominguez also said that a “timely and decisive” passage of several economic priority measures are needed to accelerate economic recovery. The priority measures, now pending in Congress, include the Financial Institutions’ Strategic Transfer (FIST) Act, and the Government Financial Institutions’  Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill. FIST allows banks to dispose of bad loans and non-performing assets through asset management companies, while GUIDE seeks to allow state-run banks to form a special holding company that will infuse equity, with strict conditions, into strategically important companies facing insolvency.  Likewise, the finance chief urged the Senate to pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will  immediately lower the corporate income tax (CIT) rate from 30 percent to 25 percent. “The swift enactment of CREATE, FIST, GUIDE and the 2021 budget will serve to accelerate our economic recovery. We should not delay providing urgent and necessary relief to our people,” Dominguez said during the Development Budget Coordination Committee (DBCC) briefing. The DBCC is composed of the heads of the Department of Budget and Management (DBM), DOF, National Economic and Development Authority (NEDA), Bangko Sentral ng Pilipinas (BSP); and a senior representative from the Office of the President (OP). “We are committed to working closely with you on the recovery measures so that these can be enacted in a timely, decisive, and responsible manner,” Dominguez told members of the panel chaired by Senator Juan Edgardo Angara. He said the Duterte administration will continue to work with the legislature in passing the remaining packages of the comprehensive tax reform program (CTRP) that will, among others, institute reforms in property valuation and in the taxation of the financial sector. Dominguez said economic recovery also rests on sustaining President Duterte’s signature program “Build, Build, Build,” as sound infrastructure investments provide the largest multiplier effect on the economy in the form of more jobs creation,  increased consumption, and the generation of additional productive activities......»»

Category: newsSource:  mb.com.phRelated NewsSep 9th, 2020

Tax breaks for Filipino makers of PPEs sought

Sen. Francis Pangilinan yesterday filed a bill seeking to grant tax exemptions as incentives to local companies manufacturing surgical masks, personal protective equipment, test kits, ventilators and other medical products during and after the COVID-19 pandemic......»»

Category: newsSource:  philstarRelated NewsAug 7th, 2020

Tax-free cancer medication with CREATE bill

Once enacted into law by President Duterte, the Corporate Recovery and Tax Incentives for Enterprises bill will result in a more affordable cancer treatment as cancer prevention medication will be exempted from the Value Added Tax, Senator Joel Villanueva said......»»

Category: newsSource:  thestandardRelated NewsFeb 7th, 2021

Duterte urged to veto 3 provisions in CREATE bill

An economic policy think tank is urging President Duterte to veto three provisions in the Corporate Recovery and Tax Incentives for Enterprises bill, the tax reform measure approved in the bicameral conference committee last Monday and ratified by both houses of Congress......»»

Category: newsSource:  philstarRelated NewsFeb 3rd, 2021

Senate to scrutinize CREATE bill for possible insertions

While the bicameral conference committee has approved the Corporate Recovery and Tax Incentives for Enterprises bill, senators will still go over the tax measure for possible insertions......»»

Category: newsSource:  philstarRelated NewsFeb 1st, 2021

Bicam OKs CREATE bill for business recovery

Senators and congressmen have ironed out their conflicting versions in the Corporate Recovery and Tax Incentives for Enterprises bill during their bicameral conference committee meetings, and the tax reform measure is now ready for signing.....»»

Category: newsSource:  philstarRelated NewsFeb 1st, 2021

2 exchanges ask Congress to swiftly pass CREATE bill

The Philippine Stock Exchange and Philippine Dealing System Holdings Corp. on Monday asked Congress to swiftly pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act to make the Philippines an attractive investment hub in the region and the domestic capital market a viable venue for raising funds......»»

Category: sportsSource:  abscbnRelated NewsJan 19th, 2021

Over 50 business groups back passage of CREATE

Over 50 business groups have joined the call for the immediate enactment into law of the Corporate Recovery and Tax Incentives for Enterprises bill, noting every day of delay puts the country at risk of losing more jobs and investments amid the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsJan 15th, 2021

DOF urges Congress to pass CREATE ahead of tax season

The Department of Finance has called on Congress to immediately pass the Corporate Recovery and Tax Incentives for Enterprises bill before the end of the month to give taxpayers ample time to adjust before the next tax season......»»

Category: financeSource:  philstarRelated NewsJan 9th, 2021

CREATE Bill Could Decrease Corporate Income Tax

The proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) would make business owners pay lesser Corporate Income Tax (CIT) if it would be enacted into law this month. Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said that the proposed bill will most likely be passed into a law since he is also […].....»»

Category: lifestyleSource:  abscbnRelated NewsJan 4th, 2021

Everything you need to know about the CREATE bill

Late last month, the Senate approved the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act that seeks to provide micro, small and medium enterprises (MSMEs) with the largest stimulus package ever. It will help them recover from the economic crisis brought about by the COVID-19 pandemic via a hefty 10-percentage point cut in the corporate income tax (CIT).  .....»»

Category: newsSource:  thestandardRelated NewsDec 4th, 2020

CREATE passage – A major achievement

The Senate version of the CREATE (Corporate Recovery and Tax Incentives for Enterprises) bill was approved last week......»»

Category: financeSource:  philstarRelated NewsDec 2nd, 2020

CREATE to end investor uncertainty

A bill that seeks to cut the corporate income tax rate and rationalize incentives recently approved by the Senate is expected to put an end to investor uncertainty and is seen by the Department of Trade and Industry to allow the country to attract more investments......»»

Category: newsSource:  philstarRelated NewsNov 29th, 2020

CREATE bill aprub na sa Senado

Inaprubahan na ng Senado sa ikatlo at pinal na pagbasa ang isang panukala na naglalayong ireporma ang corporate income tax and incentives matapos ang ilang buwang debate hinggil dito. The post CREATE bill aprub na sa Senado first appeared on Abante......»»

Category: newsSource:  abanteRelated NewsNov 26th, 2020

Separate incentives for domestic firms backed

INDUSTRY groups on Monday backed Sen. Ralph Recto’s proposal to create a separate set of incentives for domestic and foreign enterprises in the proposed Corporate Recovery and Tax Incentives for Enterprises (Create) bill. “Of the options proposed by Senator Recto, it looks like option two is getting some traction and DoF (Department of Finance) is […].....»»

Category: newsSource:  manilatimes_netRelated NewsNov 17th, 2020

Better Version of CREATE Bill to Help Lure FDIs: DTI

The passing of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill into law will be crucial for the Philippines to attract foreign investors, according to the Department of Trade and Industry. This comes as the country battles for economic recovery as the coronavirus disease 2019 (COVID-19) continues to wreak havoc in the country. […].....»»

Category: lifestyleSource:  abscbnRelated NewsNov 2nd, 2020

PH asked to ensure incentives& rsquo; certainty

European investors asked the Philippine government to provide certainty and security, in terms of competitive tax rates and fiscal incentives, to investors including foreign companies......»»

Category: financeSource:  thestandardRelated NewsNov 2nd, 2020

Senate moves on Create dangerous

A local think tank has voiced opposition to the proposed insertion of a “grandfather rule” and splitting the Corporate Recovery and Tax Incentives for Enterprises (Create) bill into two, calling the moves contrary to the measure’s aims and “dangerous.” In a statement on Friday, Action for Economic Reforms (AER) warned there were attempts in the […].....»»

Category: newsSource:  manilatimes_netRelated NewsOct 18th, 2020

Zubiri to file bill limiting foreign firms’ participation in PH projects

Senate Majority Leader Juan Miguel Zubiri on Thursday said he will file a bill limiting the entry of foreign construction companies in the Philippines as a recent Supreme Court decision allow employment of more foreigners than Filipinos. “I’m planning to file a bill which will limit the entrance of foreign construction companies in the country,” […] The post Zubiri to file bill limiting foreign firms’ participation in PH projects appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsOct 15th, 2020

Drilon: P118-billion tax perks of SMC Aerocity may be rescinded

Amid the Senate approval of the Bulacan airport franchise, some senators expressed apprehension that the next Congress will rescind its tax incentives, as these are contrary to the CREATE bill......»»

Category: newsSource:  thestandardRelated NewsOct 13th, 2020