Duterte OKs bill providing private schools 1% preferential tax relief until June 2023

(File) President Rodrigo Roa Duterte. SIMEON CELI JR. / PRESIDENTIAL PHOTO

MANILA, Philippines — President Rodrigo Duterte has signed into law a measure giving a 1% preferential tax relief to all private schools until June 30, 2023.

Duterte signed last Dec. 10 Republic Act 11635, which also amended the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law by applying the preferential tax rate of 10% on taxable income prospectively.

It also deleted the limited coverage of 1% preferential tax relief to non-profit private schools and hospitals.

The new law directs the Department of Finance to promulgate the necessary rules and regulations for the implementation of the measure.

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Duterte signs CREATE bill into law 

JPV