Description
Republic Act No. 12066, or the CREATE MORE Act, refines the Philippines’ corporate tax and incentive system to further attract investments and support economic recovery. Signed into law on November 8, 2024, it builds on the 2021 CREATE Act by reducing corporate income tax for incentivized businesses, expanding and clarifying tax incentives, empowering Investment Promotion Agencies, and reintroducing broader VAT zero-rating for exporters and high-value industries. The Act also improves VAT and refund systems, sets transitional measures for existing incentives, and strengthens compliance and accountability through stricter reporting requirements and penalties.
