The Department of Trade and Industry has already notified the House committee on ways and means that the final draft of the Strategic Investment Priorities Plan (SIPP) under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law is already complete.
This would be submitted to President Rodrigo Duterte for his approval, Albay Rep. Joey Salceda said Sunday.
The move would allow investments under Tier 2 and Tier 3 of the law for high-tech and high-value sectors to receive higher tax incentives and would encourage more investments in these sectors.
Salceda, the measure’s principal author and sponsor, said he has already conducted talks with DTI in December, urging it to pass a “transitional SIPP of industries we are sure we want to give incentives to” so that firms in such industries could already apply for tax incentives under CREATE.
CREATE is the Duterte administration’s centerpiece investment policy reform, right after the Public Service Act amendments.
“I thank the DTI for delivering on commitments agreed upon last December. On CREATE’s anniversary, we can finally say we are ready for a full-swing implementation. Thank you to Secretary (Ramon) Lopez for getting this done,” Salceda said.
He said DTI informed him that the final draft was presented to the technical committee of the Fiscal Incentives Review Board, CREATE Law’s government superbody.
“Undersecretary Perry Rodolfo also told me they will transmit this to PRRD next week. That means all the basic implementing guidelines of CREATE will be in effect before PRRD’s term ends. That’s a very big gift to whoever the next president will be,” he added.