‘Biz from Create More offsets revenue loss’

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The story "‘Biz from Create More offsets revenue loss’" was covered 1 weeks ago by Business Mirror, a news publisher based in Philippines.

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‘Biz from Create More offsets revenue loss’ - Business Mirror

Quick Summary:

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.