Goking sets eyes on helping MSMEs
COUNCILOR George S. Goking, chair of the City Council committee on trade and commerce, is now focusing on micro, small and medium enterprises (MSMEs).
The councilor said the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Law was signed by President Duterte in 2021 to provide fiscal stimulus for businesses.
Its primary feature is the reduction of the corporate income tax rate which includes tax reliefs and the modernization of the fiscal incentives given to certain entities, he added.
Republic Act No. 11534 was enacted in response to the COVID-19 pandemic as a fiscal relief to domestic and foreign corporations doing business in the Philippines. It slashes the country’s current Corporate Income Tax (CIT) from 30 to 25 percent. For domestic companies with a taxable income of P5 million and below, and with total assets of not more than P100 million, their CIT will be cut from 30 to 20 percent, The Gavel learned.
Councilor Goking said that businesses need tax relief, especially during the pandemic and other natural calamities.
He maintained the need to study how to find more solutions and effectively implement the CREATE Law. (SP/APDelgra)