DOF pitches the passing of CREATE bill

DOF pitches the passing of CREATE bill

Department of Finance (DOF) Secretary Carlos G. Dominguez III expressed hope that lawmakers would finally heed President Duterte’s call to pass the “long-due tax reform” that seeks to reduce the corporate income tax (CIT) rate and rationalization of incentives.

In a statement, Dominguez said that the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act is a vital part of the government’s comprehensive plan to revive the economy that was shattered by the pandemic.

The CREATE bill, which represents Package 2 of the Duterte administration’s comprehensive tax reform program (CTRP), was approved by the House of Representatives last September, but remains pending in the Senate.

“We are hoping that our lawmakers will finally give their nod to this long-due tax reform that has become an integral component of our government’s bounce-back plan for the domestic economy battered by the unprecedented global health crisis,” Dominguez said in reaction to the President’s pitch for CREATE in his State of the Nation Address.

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