On Nov. 11, 2024, President Ferdinand R. Marcos, Jr. signed the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, a landmark law designed to make the Philippines’ tax incentives regime more attractive to foreign investors.
The Asian Consulting Group (ACG), led by its Founding Chairman and CEO Mon Abrea, has played a significant advisory role in the development of CREATE MORE, working closely with the Senate Ways and Means Committee to shape provisions that prioritize transparency and benefit businesses across industries.
ACG advocated for four key measures to streamline tax compliance and accountability. First was the creation of a dedicated VAT refund center and the adoption of risk-based audit within the Bureau of Internal Revenue.
“We thank the government for prioritizing ease of doing business and addressing issues on tax incentives to attract more foreign investors,” Mr. Abrea said in a statement.
In addition, Mr. Abrea proposed to transfer the administration of tax incentives back towards Investment Promotion Agencies (IPAs) to enhance governance and efficiency in tax administration, and the introduction of the Global Minimum Tax.
Three of ACG’s core proposals — a dedicated VAT refund center, electronic VAT filing, and restoring authority to IPAs for approving tax incentives — were integrated into the final law, with VAT refunds now under the Department of Finance.
With the passing of CREATE MORE, the company continues its dedication for lobbying fair and transparent policies that support investors and businesses in the Philippines.
To learn more on how the CREATE MORE act can affect your business, consult ACG at consult@acg.ph.
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