Finance Secretary Carlos Dominguez III wants the newly-reconstituted Fiscal Incentives Review Board to meet soon and discuss the body’s expanded functions under the Corporate Recovery and Tax Incentives for Enterprises Act once the law takes effect this month.
CREATE was signed into law by President Rodrigo Duterte as Republic Act No. 11534 on March 26 and published in a national newspaper on March 27, and would make it effective on April 11.
The law’s implementing rules and regulations are being finalized by the Department of Finance and the National Tax Research Center.
CREATE is the largest fiscal stimulus program for the private sector, providing an estimated P1 trillion worth of tax relief to enterprises over the next 10 years.
The law is expected to provide tax savings to businesses totaling around P251 billion in 2021 and 2022, which will help keep them afloat and retain jobs as they recover from the crippling effects of the pandemic-induced global economic upheaval.