CREATE MORE signed into law

LOWER TAXES, INVESTMENT BOOST

- HELEN FLORES and LOUELLA DESIDERIO

CREATE MORE - the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy - would make the Philippines a "destination of choice for investments," Marcos said.

Republic Act 12066 amends RA 11534 or the CREATE Act, which was enacted in 2021 to provide economic relief to businesses affected by the COVID-19 pandemic and which had previously introduced changes in the incentives system.

CREATE MORE seeks to improve the country's fiscal incentives policies by clarifying issues in the implementation of the CREATE Act.

Among the CREATE MORE's key provisions is the establishment of a simplified value-added tax (VAT) refund system to streamline and reduce delays in tax processes, which at present can take over five years.

In addition, the CREATE MORE streamlines the process for projects that can enjoy incentives by raising the investment capital threshold for approval by investment promotion agencies to P15 billion from P1 billion.

"Through this law, we seek to attract both domestic - and this is an important point - both domestic and global investments, focusing on strategic industries that will shape our future," the President said in his speech during the ceremonial signing of the CREATE MORE at Malacañang.