‘Biz from Create More offsets revenue loss’

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DESPITE billions in foregone revenues that will result from enacting the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act, Finance officials said anticipated investments flowing into the Philippines will eventually offset these losses.

This comes after President Ferdinand R.Marcos Jr.signed into law Republic Act (RA) No.12066 or the Create More on November 11, 2024.“As we open new doors of opportunity, we drive businesses to reinvest their capital, build upon the workforce, and initiate a ripple effect that will be felt across generations,” Marcos Jr.said.

The reduction of the corporate income tax rate to 20 percent from 25 percent for registered business enterprises (RBEs) under the Enhanced Deductions Regime (EDR) will spell P4.065 billion in foregone revenues.

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Article Details

Author / Journalist: Reine Juvierre S. Alberto

Category: BusinessStartups

Markets: Philippines

Topics: Revenues Investments Incentives Income Revenue Deduction Additional Percent Government Create Fiscal

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 16:21:10 (3 days ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 780 words

Reading Time: 5 minutes read

Sentences: 27 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 23520504

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