Bill lowering corporate taxes up for signing on Nov. 11 – Escudero

Metro Manila, Philippines – President Ferdinand Marcos, Jr. is expected to sign soon a priority measure aimed at lowering taxes for domestic and foreign companies to encourage more investments.

The proposed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act “would be signed on November 11 barring any typhoons or calamities,” Senate President Francis “Chiz” Escudero said in a forum in Pasay City on Thursday, Oct. 24.

Escudero said he’s “90% sure” the president would sign the bill in its entirety without vetoing any of its provisions.

“Because it was coordinated specifically with the Office of the President so we don’t expect any hinges,” he said.

Escudero previously explained that the CREATE MORE bill addresses concerns raised by investors regarding the CREATE law signed in 2021. It streamlines the value-added tax provisions and introduces more deductions for the power expenses of registered businesses.

Congress ratified the bicameral conference committee report of the CREATE MORE bill in September. House ways and means committee chairman Joey Salceda said the Senate adopted the House proposal to lower the corporate income tax to 20% from 25% for all enterprises.

The bill also allows local government units to set a single local tax for registered businesses not exceeding 2% of their gross income and grants tax refunds to fuel suppliers for all tax-exempt entities.