CREATE MORE BILL: A Guide to Recent Tax Developments
Atty. Benedicta Du-Baladad, Founding Partner and CEO of Du-Baladad and Associates, provided a comprehensive overview of the CREATE MORE Bill (House Bill No. 9794), discussing key amendments and recent tax developments at the recent Policy and Advocacy Committee Meeting on April 2, 2024, hosted by the German-Philippine Chamber of Commerce and Industry (GPCCI), titled "CREATE MORE: Maximizing Opportunities for Reinvigorating the Economy"
The session covered various aspects, including proposed amendments on withholding taxes, refund of taxes (excess input tax), authority to grant incentives, enhanced deductions, local taxes for registered business enterprises, and conditions for availing incentives. Additionally, topics such as taxpayer service for registered business enterprises, the period of availing incentives, the role of the Fiscal Incentives Review Board (FIRB), the authority of Investment Promotion Agencies (IPAs), and prohibitions on registered activities were thoroughly discussed.
This discussion offers valuable insights into the potential implications and opportunities arising from the CREATE MORE Bill for shaping the economic landscape.
