DOF Sees Create Transmittal To Malacañang In December

The Department of Finance (DOF) is hopeful that Congress could transmit to President Rodrigo R. Duterte its unified version of the corporate recovery and tax incentives for enterprises (CREATE) law within December.

- Chino S. Leyco

Finance Secretary Carlos G. Dominguez III said the immediate transmittal of the CREATE law to Malacañang will allow taxpayers to properly adjust their books and returns for the filing season as the reduction of the corporate tax rate will be retroactively applied to July 1, 2020.

Last Thursday, the Senate passed its version of the bill, which Dominguez has been so determined to pass to implement “long-needed reforms in the country’s corporate tax and fiscal incentives system.”

“The Senate’s timely passage of the CREATE bill will provide businesses with one of the largest economic stimulus measures in the country’s history to help them recover from the economic turmoil caused by the COVID-19 pandemic,” Dominguez said.