The Corporate Recovery and Tax Incentives for Enterprises Act ("CREATE"), is the proposed repackaged bill on the Corporate Income Tax and Incentives Reform Act ("CITIRA"), intended to make it more responsive to the economic impact of the COVID-19 pandemic and to improve the ability of the Philippines to attract highly desirable investments. The revised measure aims to grant an immediate reduction of the corporate income tax rate from 30% to 25%, extended net operating loss carry-over (NOLCO) of up to five years, and longer transition / sunset period for existing firms receiving incentives. For existing PEZA-registered and other enterprises enjoying tax incentives, there will be no change in the present incentives for the next four to nine years.

The original CITIRA aims to gradually reduce corporate income tax rates and redesign existing fiscal tax incentives with a transition period of two to seven years for existing firms enjoying incentives. The CITIRA House version was approved on 3rd and final reading by the House of Representatives on September 13, 2019. Last February 17, 2020, the Senate Committee on Ways and Means filed Senate Bill No. 1357, the Senate's version of the CITIRA, and on March 9, 2020, the bill was certified as urgent by the President.

The talk will focus on the key important features of the proposed bill alongside the CITIRA House and Senate version.

Admission Fee:

FREE for NordCham Members for this session

500 PHP for non-members for this session

Jun 2, 2020

10 AM - 11:30 AM

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Online via ZOOM - details to follow
Makati, Philippines
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  • Atty. Thyrza F. Marbas (Partner, Business Tax Services at SGV & Co.)

    Atty. Thyrza F. Marbas

    Partner, Business Tax Services at SGV & Co.

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Partner Organization

SGV & Co., is the leading and largest professional services firm in the Philippines which offers integrated solutions drawn from diverse and deep competencies in assurance, tax, transaction and advisory. With more than 70 years of quality service over 6,000 people providing the best services, including professionals who are experts of their respective fields, SGV is respected locally and trusted by the most prestigious Filipino and international business organizations. It is a member practice of Ernst & Young Global and is registered with the Public Company Accounting and Oversight Board (PCAOB).

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