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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 »

Ikea furnishes strong results despite pandemic

Agence France-Presse
Updated as of Nov 24 09:56 PM

Consumers continued to spend strongly to furnish their homes despite the coronavirus pandemic, the holding company that includes most Ikea stores said Tuesday. 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 »

Fellow senators' push for Bulacan airport bill irks Pia Cayetano

Katrina Domingo, ABS-CBN News
Updated as of Oct 06 12:00 AM

Sen. Pia Cayetano on Monday ranted in plenary after the Senate leadership denied her request to be given at least a day to study a bill that would grant San Miguel Corp. a franchise to build the Bulacan Airport. 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 »

PH 'exceeds' P2.2-T estimated tax revenue this year, says Finance chief

Katrina Domingo, ABS-CBN News
Posted at Sep 23 02:03 PM

Finance Secretary Carlos Dominguez on Wednesday said the Philippines has already exceeded this year's estimated P2.2 trillion tax revenue as early as August. Read more »

SM Prime H1 profit down 46 percent as malls rental income hit by lockdowns

ABS-CBN News
Posted at Aug 03 03:58 PM

SM Prime posted a consolidated net income of P10.4 billion in the first half of the year, down 46 percent from the same period in 2019 as the COVID-19 pandemic disrupted mall operations. Read more »

Philippines needs policy clarity to lure foreign funds: analyst

ABS-CBN News
Posted at Jun 22 10:12 AM

The Philippines needs "more clarity" in policies to lure foreign investors, more importantly during the COVID-19 pandemic, a Fitch Solutions analyst said Monday.  Read more »

Finance dept lauds top 500 taxpayers in the Philippines for 2019

ABS-CBN News
Posted at May 25 02:54 PM

The Philippines' finance department on Monday lauded the country's top 500 taxpayers as of May that settled their corporate and income tax returns (ITRs) ahead of the extended deadline due to the coronavirus lockdown.  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 »

Lufthansa PH: 'CITIRA' bill bigger concern for businesses than COVID-19 disruptions | Market Edge

ABS-CBN News
Posted at Feb 26 05:42 PM

Despite virus disruptions, Lufthansa Technik Philippines carries on with its expansion in the Philippines. The firm says that while the COVID-19 outbreak is a concern for their operations, the bigger problem is still the uncertainties over the Corporate Income tax and Incentives Reform Act (CITIRA) bill. Read more »

Finance secretary slams 'ignorant' people speculating on proposed corporate tax reforms

ABS-CBN News
Posted at Oct 08 10:49 PM

Finance Secretary Carlos Dominguez has some choice words for Philippine Economic Zone Authority chief Charito Plaza as he fielded questions about the measure. Read more »

House OKs corporate tax reform bill on final reading, to send measure to Senate

ABS-CBN News
Updated as of Sep 13 07:04 PM

MANILA - The House of Representatives on Friday approved on third and final reading the second round of tax reforms, which would cut corporate income taxes and limit incentives.    Read more »

NGO wary of immediate corporate income tax cuts

ABS-CBN News
Posted at Aug 31 05:33 PM

A non-government group cautions against the planned immediate reduction of corporate income tax that is included in the proposed Corporate Income Tax and Incentive Rationalization Act (CITIRA) bill. Karla Yu of Action for Economic Reforms says the government has to first assess whether or not it could afford the planned reduction even as the country's economic status is due to change in the next few years. She also urges Philippine lawmakers to expedite budget deliberations to speed up the rollout of the government's infrastructure projects. Read more »

Lawmakers tackle bill seeking to slash corporate income tax

RG Cruz, ABS-CBN News
Posted at Aug 27 10:00 PM

The House of Representatives has started plenary deliberations on a bill proposing to lower corporate income taxes and rationalize fiscal incentives.  Read more »

Panukalang pababain ang corporate income tax, dinidinig sa Kamara

ABS-CBN News
Posted at Aug 14 02:22 AM

Matapos hindi maisabatas nitong nakaraang Kongreso, muling dinidinig sa komite sa Kamara ang panukalang batas na layong pababain ang corporate income tax. Read more »

Investors to get 'superior incentives' with TRABAHO Bill, says Lambino

ABS-CBN News
Updated as of Jun 05 10:55 AM

MANILA - The second package in the Duterte administration's comprehensive tax reform program aims to give superior set of incentives to push investments in the country. Read more »

European chamber bats for 'bolder' corporate income tax reform

ABS-CBN News
Posted at Jun 04 07:35 PM

The Philippines should take a "bolder" move to reduce corporate income taxes so that the country can attract more foreign investors, an European business group said Tuesday.  Read more »