In collaboration with the ECCP - European Chamber of Commerce of the Philippines, Atty. Irwin C. Nidea, Jr., Senior Partner at BDB Law, and Atty. Mabel L. Buted, Partner at BDB Law, shared their insights on the Impact of CREATE MORE Act on European BUsiness in the Philippines webinar.
Atty. Nidea discussed the impact of the CREATE MORE Act, which introduces key changes to VAT incentives. Effective from November 28, 2024, the law shifts to a more flexible 'directly attributable' principle, expanding the scope of VAT zero-rating to cover a wider range of goods and services, including administrative expenses tied to the core activities of export.
Atty. Buted highlighted tax incentives under the CREATE MORE Act, focusing on income tax-based incentives, their availment periods, and new provisions such as RBE local tax and telecommuting. She also discussed how the incentives align with industry priorities and touched on pre-CREATE incentives.
The event concluded with a Question and Answer session moderated by Atty. Fulvio D. Dawilan, Managing Partner of BDB Law. The Q&A further explored the practical implications of the CREATE MORE Act, addressing questions on how the new incentives are designed to drive investment and support economic recovery.
