Post by
Bandmanblues2 on Feb 03, 2021 11:45pm
The Create Bill
There still working on this bill to be passed and that is the key to getting our mine open . House ratifies CREATE bill Divina Nova Joy Dela Cruz ByDIVINA NOVA JOY DELA CRUZ February 3, 2021 THE House of Representatives on Wednesday ratified the bicameral conference committee report on the disagreeing provisions of House Bill 4157 and Senate Bill 1357 or the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. CREATE lowers the corporate incomes taxes from 30 percent to 25 percent for large corporations, and 20 percent for small and medium enterprises. It also grants other incentives to attract investment in the country. House Ways and Means Committee Chairman Joey Salceda had said CREATE will be the greatest economic reform of the post-EDSA years next to the proposed economic amendments to the Constitution. Expecting that the enactment of the bill will remove the uncertainties in investing in the country, Salceda projects that it will generate at least P12 trillion in combined domestic and foreign investment over the next decade, including an estimated $90 billion from foreign direct investments. Salceda also expects the bill to generate around 1.8 million jobs over the next 10 years. Along with proposed economic amendments to the Constitution, Salceda said the country could generate as much as 8.4 million jobs. CREATE also includes measures to address the coronavirus disease (Covdi-19) pandemic such as exemptions in the Value Added Tax and duties in the importation of vaccines. READ MORECreate BillHouse Of RepresentativesJoey Salceda