Fast-track passage of corporate tax reform bill, Duterte tells Congress | Inquirer News
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Fast-track passage of corporate tax reform bill, Duterte tells Congress

By: - Reporter / @KAguilarINQ
/ 06:54 PM July 27, 2020

MANILA, Philippines — President Rodrigo Duterte on Monday urged Congress to fast-track the passage of a measure seeking to lower corporate income taxes, stressing the need to boost the country’s economy.

“We must facilitate the country’s economic recovery. I call on Congress to fast-track the passage of proposed measures such as the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act,” Duterte said during his fifth State of the Nation Address.

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“This immediately cuts the corporate income levy from the current 30 to 25 percent and gives the government flexibility to grant a combination of fiscal and non-fiscal incentives, among others,” he further said.

The proposed measure called CREATE was previously known as the Corporate Income Tax and Incentives Reform Act (CITIRA).

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Finance Secretary Carlos Dominguez III described the measure as among the “largest economic stimulus measure” in the Philippines’ history.

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TAGS: Citira, Congress, corporate tax reform, Create, Duterte Sona, Rodrigo Duterte, SONA 2020, State of the Nation Address, tax reform
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