Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. supports Republic Act No. 12066 (RA 12066) or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act. RA 12066 focuses on making the Philippines a prime investment destination through enhancements of the country’s fiscal regime. It was signed into law today, November 11, 2024.
“The BIR fully supports PBBM’s thrust towards investments-led growth, through the CREATE MORE Act. It is time to make the Philippines into a prime investment destination. The BIR will implement the tax incentives under the CREATE MORE Act without delay. The BIR will also do its part in promoting the different incentives under the CREATE MORE Act, so we can educate and entice more investors” Commissioner Lumagui stated.
The CREATE MORE Act amended the National Internal Revenue Code of the Philippines by improving tax incentives and streamlining processes related to these incentives.
The BIR will also conduct a public information campaign on the tax incentives granted by the CREATE MORE Act, for the purpose of promoting the Philippines as a prime investment destination.
