CREATE Law Simplified on Maharlikanism

Policy

Mon, 27 Jul 2020 00:00:00 +0000

Section 2. Policy

The State shall develop the national economy towards global competitiveness by implementing tax policies that will attract investments. This will:

Repealing Clause

Mon, 01 Jan 0001 00:00:00 +0000

Section 17. Repealing Clause

(a) To transfer to the Fiscal Incentives review Board the power of the Investment Promotion Agency Board to review, approve, or disapprove fiscal incentives and to mandate the Investment Promotion Agency Board to recommend to the Fiscal Incentives Review Board after a thorough review of the application, the approval or disapproval of the same, the following provisions are hereby repealed:

Amendatory Clause

Mon, 01 Jan 0001 00:00:00 +0000

Section 18. Amendatory Clause

(a) To transfer to the Fiscal Incentives Review Board the power of the Investment Promotion Agency Board to review, approve, or disapprove fiscal incentives and to mandate the Invetment Promotion Agency Board to recommend to the Fiscal Incentives Review Board after a thorough review of the application, the approval or disapproval of the same, the following provisions are hereby amended:

Rates of Income Tax on Foreign Corporations

Mon, 01 Jan 0001 00:00:00 +0000

Section 28. Rates of Income Tax on Foreign Corporations

(1) In General

Rates of Income Tax on Foreign Corporations

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CHAPTER I: GENERAL PROVISIONS ON TAX INCENTIVES

Section 291. Scope and Coverage

This title shall cover all existing Investment Promotion Agencies as defined in this Code or related laws unless otherwise specifically exempted from the coverage of this Code.

Incentives

Mon, 01 Jan 0001 00:00:00 +0000

Section 294. Incentives

Subject to the condition and period of availment in Sections 295 and 296, respectively, the following types of tax incentives may be granted to registered projects or activities:

Expanded Functions of the Fiscal Incentives Review Board

Mon, 01 Jan 0001 00:00:00 +0000

Section 297. Expanded Functions of the Fiscal Incentives Review Board

The functions and powers of the Fiscal Incentives Review Board created under Presidential Decree No. 776, as amended, shall be expanded as follows:

Strategic Investment Priority Plan

Mon, 01 Jan 0001 00:00:00 +0000

Section 300. Strategic Investment Priority Plan

The Board of Investments, in coordination with the Fiscal Incentives Board, Investment Promotion Agencies, other government agencies administering tax incentives, and the private sector, shall formulate the Strategic Investment Priority Plan to be submitted to the President for approval, which may contain recommendations for types of non-fiscal support to create high-skilled jobs to grow a local pool of enterprises (MSMEs), that can supply to domestic and global value chains, to increase the sophistication of products and services that are produced and/or sourced domestically, to expand domestic supply and reduce dependence on imports, and to attract significant foreign capital or investment. The Strategic Investment Priority Plan shall be valid for a period of three (3) years, subject to review and amendment every three (3) years thereafter unless there would be a supervening event that would necessitate its review.

Filing of Tax Returns and Submission of Tax Incentives Reports

Mon, 01 Jan 0001 00:00:00 +0000

Section 305. Filing of Tax Returns and Submission of Tax Incentives Reports

All registered business enterprises and other registered entities whether taxable or exempt, are required to file their tax returns and pay their tax liabilities, on or before the deadlines as provided under the National Internal Revenue Code of 1997, as amended, using the electronic system for filing and payment of taxes with the Bureau of Internal Revenue: Provided, That for purposes of complying with their tax obligations, cooperatives and other registered entities, which do not have access to the electronic facilities, shall file with their respective revenue district offices.

Prohibition on Registered Activities

Mon, 01 Jan 0001 00:00:00 +0000

Section 309. Prohibition on Registered Activities

A qualified registered project or activity under an Investment Promotion Agency administering an economic zone or freeport shall be exclusively operated within the geographical boundaries of the zone or freeport being administered by the Investment Promotion Agency in which the project or activity is registered, as long as: