Solons urged to fast-track passage of Create bill

By Prince Golez

In his State of the Nation Address yesterday, President Rodrigo Duterte pushed for the immediate passage of the Corporate Recovery and Tax Incentives for Enterprises (Create) Act to support the country’s path to economic recovery.

The Create bill proposes an outright 5 percent reduction of the corporate income tax of 30 percent to 25 percent.

“We must facilitate the country’s economic recovery. I call on Congress to fast-track the passage of proposed measures such as the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act,” said Duterte.

Its passage into law, according to him, will give the government “flexibility to grant a combination of fiscal and non-fiscal incentives, among others.”

Meanwhile, Duterte also asked Congress to pass the Financial Institutions Strategic Transfer or FIST Act.

Once enacted, the measure would set up mechanisms allowing banks and other financial institutions to dispose of and transfer non-performing assets and loans to asset management companies similar to Special Purpose Vehicles.

Source: Latest Politics News Today (Politics.com.ph)