Finance Secretary Carlos Dominguez III said the Senate’s timely passage on Thursday of the Corporate Recovery and Tax Incentives for Enterprises Act will provide businesses with one of the largest economic stimulus measures to help them recover from the economic turmoil caused by the COVID-19 pandemic.
Dominguez said over the weekend that the Senate made history with its approval of the bill. Once signed into law, CREATE will finally put in place long-needed reforms in the country’s corporate tax and fiscal incentives system, he said.
Senators deliberated on the bill for 14 months and worked closely with the Department of Finance to ensure that a fiscally responsible measure would be enacted by Congress.
The House of Representatives approved the earlier version of CREATE, then known as the Corporate Income Tax and Incentives Rationalization Act bill, in September last year.
“The success of TRAIN, CREATE, and other tax reform measures cannot be attributed exclusively to current efforts. In fact, our tax reform program is a logical continuation of the decades of reforms arduously passed by previous administrations, notably under Presidents Arroyo and Aquino,” he said.