Changes include an immediate reduction in the corporate income tax to 25 percent from the current 30 percent, the highest in Southeast Asia, as opposed to the gradual cut over a 10-year period under the Citira. The reduced rate under Create is intended for implementation in July.Amid the business sector’s call for help from the government, Finance Secretary Carlos Dominguez III said the bill was “the country’s biggest stimulus program for enterprises.
“We fear that instead of assisting enterprises struggling from the effects of the community quarantine due to COVID-19, the Create bill in its present form may actually cause companies to close their operations in the country and transfer to our Asean neighbors as what some enterprises did already,” she added.
Create extends the transition period, or the time companies can hold on to the 5 percent GIE, to 4 to 9 years. In comparison, the Citira, which was passed in the Lower House, provided for a transition period of 3 to 5 years, while the pending Senate version provided 2 to 7 years.Peza wanted a status quo for five years, before the transition period starts. The IT and Business Process Association of the Philippines also backed this proposal.
Meanwhile, Rey Untal, IBPAP president and CEO, said in a statement that the group supported the immediate CIT reduction and the effort to extend tax deductibility of losses incurred in taxable year 2020 for an additional two years for all affected taxpayers.
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