AER warns senators vs Create More: foregone revenue, instability

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AER warns senators vs Create More: foregone revenue, instability - Business Mirror

Quick Summary:

THE Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) bill awaiting enactment will only cost the government foregone revenues and macroeconomic instability, according to a nonprofit organization.

It is now being amended three years into its implementation.“Policy reversal is a risk that is inherent in passing a law borne purely from vested interests who benefit from a regime that awards them with near-perpetual fiscal incentives,” AER said.

Data from the DOF showed that approved investments under the original Create Act generated P1.27 trillion in total investment capital and are expected to create 159,486 new jobs as of end-June 2024.