Sa boto na 238 pabor ay tuluyan nang lumusot sa Kamara ang House Bill 9794 o CREATE More Act (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy)
Nilalayon ng panukalang batas na ito na ayusin ang Value Added Tax (VAT) regime sa ilalim ng CREATE Implementing Rules and Regulations (IRR).
“Conflicting interpretations of the VAT regime under CREATE’s IRR also resulted in the loss of some 125,560 manufacturing jobs. Manufacturing is sensitive to increases in cost, being a low-margin operation, so any undue increase in taxes in that sector also means job losses. We need to course-correct on VAT.” paliwanag ni Albay Rep. Joey Salceda, House tax Chief.
Sa ilalim ng CREATE MORE, babawasan pa ang Corporate Income Tax (CIT) for enhanced deductions (ED) mula 25% patungong 20% upang mas makahikayat ng mga kumpanya na lumipat mula sa special corporate income tax (SCIT) regime papuntang ED.
Inaasahan din na makakaakit ito ng mas maraming pamumuhunan sa pamamagitan ng ED sa power cost para sa mga mas competitive power rates na makakalikha ng trabaho.
Papasimpehin na rin nito ang refund system para sa mga registered business, pagkakaroon ng risk-based auditing ng Commission on Audit sa tax refunds at pagbibigay kapangyarihan sa Pangulo ng bansa na maggawad ng insentibo.
Ibinida naman ni House Ways and Means Committee Chair Joey Salceda na mula nang pagtibayin ang CREATE Law ay nakalikha ito ng dagdag na 355,650 na trabaho.
“CREATE is on track to meet its ten-year job creation target of 1.4 million jobs due to lower corporate income taxes and a harmonized tax incentives regime. CREATE also resulted in higher FDI levels compared to pre-pandemic years.” pagbabahagi ng mambabatas. | ulat ni Kathleen Jean Forbes
