00:00Good news for those who work from home, the incentives will be extended to the companies that will implement it.
00:09It will include the new CREATE MORE Act that will lower the corporate income tax of businesses.
00:18Ivan Mayrina has the news.
00:24The results of the consultations with the foreign businessmen on their trip.
00:28The new law was passed by President Bongbong Marcos earlier,
00:31the Corporate Recovery and Tax Incentives for Enterprises,
00:35to maximize opportunities for reinvigorating the economy or CREATE MORE Act.
00:40To encourage them to choose not to invest,
00:42the law will lower the corporate income tax by 20% from the previous 25%.
00:48Through this law, we seek to attract both domestic, and this is an important point,
00:52both domestic and global investments, focusing on strategic industries that will shape our future.
00:59The law will also simplify the refund of VAT,
01:02including documentary requirements and local taxation.
01:05To reduce the cost of manufacturing,
01:07deductions will be doubled for the cost of electricity.
01:10Employees will also benefit, not only because of the possible increase in jobs,
01:14but also because of the increase in income.
01:16CREATE MORE will maintain the tax incentives to the companies that will implement the work from home arrangement
01:21for half the number of people.
01:23These incentives will be accepted within 27 years,
01:27from the previous 17 years only.
01:29According to Presidential Advisor and Foreign Investment Secretary Frederick Goh,
01:33there are already those who are expressing interest in building a sector of renewable energy,
01:38shipyard building, as well as electronics and steel production.
01:41Senator Sherwin Gatchalian and Migs Zubiri in the Senate,
01:46and Congressman Joey Salcedo in the House of Representatives.
01:49For GMA Integrated News, Ivan Mejrina for 24 Hours.
Comments