The CREATE MORE bill is set to make the Philippines a more attractive place for businesses and investors. Known as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, this new law aims to generate more jobs and support economic growth through valuable tax incentives and simplified business processes.

The bill introduces tax exemptions on key services, including janitorial, security, consulting, marketing, and HR, making business operations more cost-effective. Additionally, the CREATE MORE Act establishes a 2% Registered Business Enterprise Local Tax (RBELT), simplifying tax filing and reducing administrative burdens.

It also addresses high electricity costs and taxes by allowing registered businesses to deduct power expenses by up to 200% and lowering the corporate income tax rate to 20% for both local and foreign companies.

President Ferdinand “Bongbong” Marcos Jr. is set to sign the CREATE MORE Act into law on Monday, marking a major step forward for the Philippine economy.

Senate President Francis “Chiz” Escudero highlighted that the CREATE MORE Act will foster a stable, investor-friendly environment, supporting economic recovery and growth.

Interested in making the most of the tax benefits for your business? Contact us today or schedule a free consultation and let our experts help you navigate these new incentives effectively.