Finance Secretary Carlos Dominguez III and Trade and Industry Secretary Ramon Lopez signed on June 21, 2021 the implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, more than two weeks ahead of the July 10, 2021 deadline set under this law.
Micro, small and medium enterprises will be the biggest beneficiaries of CREATE with the corporate income tax rate reduction.
The signing of the IRR is seen by the Department of Trade and Industry to attract more investors to grow their businesses and “make it happen in the Philippines,” in reference to the DTI’s new investment production campaign dubbed “Make It Happen in the Philippines.”
Dominguez and Lopez thanked stakeholders from the private sector and other government agencies such as investment promotion agencies for their inputs in the IRR during the multiple rounds of consultations held over the past two months.
“The approval of the IRR covering Title XIII of the Act following multiple consultations with the various stakeholders and way ahead of schedule highlight the Duterte administration’s commitment to come up with an effective, efficient, and fiscally-responsible incentive system, which, hopefully, will set the standard in the region,” Dominguez said.