Business groups, experts and former economic officials sought a quick path to recovery through the resumption of reform programs stalled by the coronavirus pandemic.
The repackaged Corporate Recovery and Tax Incentives for Enterprises (CREATE) received further support from former Cabinet secretaries, state bankers, economists and industrialists as they urged lawmakers for the bill’s immediate passage.
This was learned from the Department of Finance (DoF) as the agency cited the statement released on Wednesday by some 17 signatories supporting CREATE, which aims to lower the country’s corporate income tax (CIT) rate from 30 percent to just 20 percent over a phased period while innovating the incentive scheme for firms as well.
“The signatories cited the need for an immediate 5 percent cut in the CIT, which will benefit all businesses, especially micro, small and medium enterprises (MSME) and the extension of the net operating loss carryover (NOLCO) by two years,” the DoF said.
“The joint statement has come on the heels of another manifesto of support for CREATE from 33 of the largest business and professional organizations in the country, who have called on Congress to act quickly and decisively in restoring market confidence,” it added.
Pump priming needed
The biggest business groups also pressed for the immediate deliberation and approval of stimulus measures to help the economy recover from the coronavirus pandemic.
A joint statement signed by 44 business organizations said lawmakers should prioritize the approval of the Accelerated Recovery and Investments Stimulus for the Economy bill, formerly the Philippine Economic Stimulus Act bill, as it will help protect and generate jobs.
with Maria Romero