Daily TribuneSenate Bill 2654 or CREATE MORE aims to clarify the rules and policies on the administration of the fiscal regime incentives in the hope that such a move would pave the way to a more stable investment climate and attract new investors.
The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) will be included among the priority bills that will get Senate attention in the 19th Congress, as assured by Senate President Francis “Chiz” Escudero to Special Assistant to the President for Investment and Economic Affairs Frederick Go.
“We all know how important this bill is to the ease of doing business and to reduce the cause of doing business. This bill is also important to the ITBPM industry. I have the assurance from the new Senate President Chiz Escudero that CREATE MORE is on top of the list of priority bills,” Secretary Go told officials of various IT-BPM industry associates during the Information Technology and Business Process Association of the Philippines forum.
Senate Bill 2654 or CREATE MORE aims to clarify the rules and policies on the administration of the fiscal regime incentives in the hope that such a move would pave the way to a more stable investment climate and attract new investors.
Earlier, the Philippine Chamber of Commerce and Industry (PCCI) expressed its support for the bill, underscoring its importance to the survival and growth of businesses, especially small and medium enterprises, and retaining and attracting more foreign direct investments.
PCCI noted the inconsistencies in the CREATE Act and corresponding administrative issuances relating to taxes and incentives enjoyed in freeport and economic zones.
The PCCI maintained that administrative issuances implementing CREATE limited the applicability of the VAT exemption on importation and VAT zero-rating on local purchases by a registered export enterprise.
PCCI pointed out that under the CREATE Act, such incentive is granted to “Registered Business Enterprises” in general and does not make a distinction between an export enterprise and a domestic market enterprise inside separate customs territories.
Other priority bills
Go added that apart from CREATE MORE, they also want Congress to pass amendments to the Right-of-Way Law.
“There are several bills that affect the economy, and we certainly would like to work very closely with Congress, both the upper house and the lower house, to get these bills passed as soon as possible,” Go added.
Amendments to the Right-of-Way Law would fast-track the government’s infrastructure projects under the “Build, Better, More” of the Marcos Administration.
“All infrastructure projects could benefit from a better Right-of-Way Law, whether we are talking about roads, transportation, energy, water, or other utilities. We need to move forward at the soonest possible time,” he added.
Go also said they are pushing the creation of a Department of Water to ensure sustainable water management and efficient delivery of water services, which could keep costs low for the consumers.
