Duterte calls on lawmakers to fast-track passage of corporate tax reform bill

ABS-CBN News

MANILA - President Rodrigo Duterte called on lawmakers to “fast-track the passage” of a bill seeking to lower corporate income taxes and rationalize fiscal incentives during his fifth State of the Nation Address on Monday. Duterte said the measure was needed to “facilitate the country’s economic recovery.”“This immediately cuts the corporate income levy from the current 30 to 25 percent and give [sic] government flexibility to grant a combination of fiscal and non-fiscal incentives among others,” Duterte said. The proposed measure, called the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) was formerly known as CITIRA or the Corporate Income Tax and Incentives Reform Act. Besides immediately slashing the corporate income tax (CIT), the bill also provides for the CIT to be reduced by 1 percentage point per year starting 2023 until it reaches 20 percent by 2027, Finance Secretary Carlos Dominguez earlier said. Dominguez has referred to the CREATE bill as a <a href="https://news.abs-cbn.com/business/05/19/20/finance-dept-pushes-recalibrated-corporate-tax-reform-package-as-stimulus-for-economy">stimulus measure</a>.While its predecessor CITIRA had been opposed by various business groups for supposedly removing fiscal incentives for exporters and foreign investors, the CREATE bill garnered <a href="https://news.abs-cbn.com/business/05/25/20/business-groups-back-revised-corporate-tax-reform-bill-say-it-will-help-small-businesses">support</a> from these same groups as it lengthens the sunset period for fiscal incentives.

President Rodrigo Duterte called on lawmakers to “fast-track the passage” of a bill seeking to lower corporate income taxes and rationalize fiscal incentives during his fifth State of the Nation Address on Monday.

President Rodrigo Duterte called on lawmakers to “fast-track the passage” of a bill seeking to lower corporate income taxes and rationalize fiscal incentives during his fifth State of the Nation Address on Monday.

Duterte calls on lawmakers to fast-track passage of corporate tax reform bill | ABS-CBN

Halalan 2025

Entertainment

News

Metro.Style

Lifestyle

Sports

More

Traffic

Horoscope

Business

Duterte calls on lawmakers to fast-track passage of corporate tax reform bill

Duterte calls on lawmakers to fast-track passage of corporate tax reform bill

ABS-CBN News

Published Jul 27, 2020 05:24 PM PHT

Read More:

Rodrigo Duterte 5th SONA

tax reform

CREATE bill

CITIRA bill

SONAgKAISA

COVID-19 crisis

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.