Goking graces FIRB town hall meeting Sees bright prospects for businesses with CREATE Law
COUNCILOR George S. Goking, chair of the City Council committees on trade and commerce and on ways and means, attended the first Fiscal Incentives Review Board (FIRB) virtual town hall meeting for local government units (LGUs).
The meeting aims to deepen understanding of R. A. 11534, known as the Corporate Recovery and Tax Incentive for Enterprise Act or CREATE Law, that is instrumental in attracting investments to boost local economic progress.
Councilor Goking said the CREATE Law is expected to change the landscape of the tax incentive system as part of the country’s economic recovery program.
This will generate more employment opportunities and improve the overall quality of life for the people of the Cagayan de Oro, he said.
According to the councilor, there was also a virtual demonstration on how to fill out forms in the Fiscal Incentives Registration and Monitoring System (FIRMS).
The implementation of these measures is in line with the government’s intention to address the varying needs and concerns of the business sector brought about by the Covid- 19 pandemic.
Councilor Goking said small and medium-sized enterprises (SMEs) will be given more support in terms of tax incentives and other forms of help for their businesses to recover.
He added that economic recovery is hard to restore considering that there are many factors needing careful study.