CITIRA | ABS-CBN News

Bicam approves CREATE bill which lowers corporate income taxes

Reuters
Updated as of Feb 02 12:16 AM

MANILA (UPDATED) - A joint Philippine congressional panel approved on Monday a bill that will reduce the rate of corporate income tax in a bid to attract more foreign investment and help the coronavirus-hit Southeast Asian economy recover. Read more »

Philippine chamber calls on Congress to fast-track corporate tax reform bill

ABS-CBN News
Posted at Jan 18 03:22 PM

The Philippine Chamber of Commerce and Industry said lawmakers should "focus on the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE)."  Read more »

Japanese investors welcome CREATE bill says DOF

ABS-CBN News
Posted at Dec 29 11:18 AM

Japanese investors welcome a bill seeking to lower corporate income tax rates, the Department of Finance said Monday.    Read more »

As tax base shrinks during pandemic, proposed law seeks to cut revenue sources

Robert JA Basilio Jr., Philippine Center for Investigative Journalism
Posted at Oct 30 05:00 PM

The Duterte government is pushing for a bill cutting the corporate income tax in exchange for strict limits to tax perks enjoyed by investors. Economists however warn against eroding the revenue base at a time of a pandemic, when funds are needed the most. Read more »

Recto wants long-time ecozone investors exempted from new tax rates under CREATE

Katrina Domingo, ABS-CBN News
Posted at Sep 23 11:03 PM

Recto pushed for the inclusion of a "grandfather rule" -- which allows existing investors in the country to enjoy status quo, while a new rule is applied to future investors -- in the Corporate Recovery and Tax Incentives for Enterprises bill. Read more »

Duterte calls on lawmakers to fast-track passage of corporate tax reform bill

ABS-CBN News
Posted at Jul 27 05:24 PM

President Rodrigo Duterte called on lawmakers to “fast-track the passage” of a bill seeking to lower corporate income taxes and rationalize fiscal incentives during his fifth State of the Nation Address on Monday.    Read more »

Philippine fiscal stimulus to 'cushion' pandemic blow on economy: analyst

ABS-CBN News
Posted at Jul 01 11:10 AM

The path to economic recovery rests on the passage of fiscal stimulus measures among others, an analyst said on Wednesday as it sees the Philippine economy shrinking by at least 2 percent this year. Read more »

Tax reform more important than new anti-terror bill: Financial executives group

ABS-CBN News
Posted at Jun 09 12:02 AM

MANILA - A group of financial executives on Monday said it opposes the enactment of the Anti-Terrorism Act (ATA), and called on Congress to prioritize the passage of the corporate tax reform bill instead. Read more »

'No stimulus, no vacation': Solon says special sessions needed to pass economic stimulus packages

ABS-CBN News
Updated as of May 28 06:36 PM

MANILA - President Rodrigo Duterte should call for special sessions of the Congress to pass an economic recovery plan and the pending corporate tax reform bill needed to boost the economy during the COVID-19 pandemic, a lawmaker said Thursday. Read more »

Corporate tax cut under CREATE seen to keep jobs at 'high levels'

ABS-CBN News
Updated as of May 27 10:21 AM

The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), formerly known as CITIRA, which aims to "immediately" cut corporate income tax to 25 percent from 30 percent as early as July will result in savings for companies, said Philippine Chamber of Commerce and Industry president Benedicto Yujuico. Read more »

Business groups back revised corporate tax reform bill, say it will help small businesses

ABS-CBN News
Posted at May 25 06:21 PM

PCCI president Benedicto Yujuico said the changes made to the tax reform package "will boost the recovery of firms reeling from the economic slowdown."  Read more »

PH fails to 'get biggest chunk' of investments fleeing China due to infra lack: DTI

Katrina Domingo, ABS-CBN News
Posted at May 22 05:52 AM

The Philippines is "not getting the biggest chunk" of investments fleeing from coronavirus-epicenter China due to the country's lack of infrastructure, Trade Secretary Ramon Lopez said Thursday. Read more »

Finance dept pushes 'recalibrated' corporate tax reform package as 'stimulus' for economy

ABS-CBN News
Posted at May 19 07:17 PM

The Department of Finance said on Tuesday that it has "recalibrated" the tax package meant to reform corporate income taxes and financial incentives so that it can better help small businesses and stimulate the economy.    Read more »

Some senators wary of passing CITIRA as businesses grapple with coronavirus crisis

Katrina Domingo, ABS-CBN News
Posted at May 12 06:52 PM

The government should "tread carefully" in passing the second tranche of tax reform at this time as investors and companies are still reeling from the effects of the coronavirus crisis, some senators said Tuesday. Read more »

PH needs to 'reduce taxes', 'settle policy' to benefit from investor exodus from China: Angara, Marcos

Katrina Domingo, ABS-CBN News
Posted at Apr 30 07:46 PM

The Philippines must "settle" its policies on businesses to tame uncertainties and attract coronavirus-worried investors who are exiting China to relocate to the Philippines, at least 2 senators said Thursday as the global pandemic continued to take a toll on the world economy. Read more »

Senate to amend CITIRA based on PH COVID-19 crisis needs: Pia Cayetano

Katrina Domingo, ABS-CBN News
Posted at Apr 28 08:24 PM

Sen. Pia Cayetano on Tuesday said the Senate would "amend" the Corporate Income Tax and Incentives Rationalization Act (CITIRA) to ensure that incentives would be given to industries the Philippines needs in its fight against the coronavirus pandemic. Read more »

New NEDA chief Chua says won't change views on tax reform

ABS-CBN News
Posted at Apr 21 06:54 PM

The new NEDA chief dismissed suggestions that he would change his stance on tax reform because he is no longer with the Finance Department.  Read more »

Cayetano says House willing to hold sessions during 2-month break

RG Cruz, ABS-CBN News
Updated as of Mar 11 09:11 PM

MANILA - House Speaker Alan Peter Cayetano on Wednesday said the House of Representatives was willing to amend the legislative calendar and hold sessions during Congress' nearly 2-month break over Lent.  Read more »

Cayetano, Marcos tussle over 'different' CITIRA discussions in Senate

Katrina Domingo, ABS-CBN News
Posted at Mar 09 06:03 PM

Sen. Pia Cayetano on Monday questioned Sen. Imee Marcos' decision to hold a hearing on the economic impact of the Corporate Income Tax and Incentives Rationalization Act (CITIRA), which the lawmaker from Taguig has been defending in the Senate plenary for weeks.   Read more »

Duterte certifies as urgent CITIRA bill

Arianne Merez, ABS-CBN News
Posted at Mar 09 04:56 PM

President Rodrigo Duterte has certified as urgent a bill that aims to lower corporate income tax. Read more »