SALIENT FEATURES OF CREATE LAW

1. The corporate income tax is reduced from the current 30% to 25% by the end of July 2020 and further reduction of 1% every year starting 2023 until 2027 to totally bring down the corporate income tax to 20%.

2. The Net Operating Loss of companies can be carried over to five(5) years for non-large taxpayers (the original is 3 years).

3. A 5% Gross Income Earned incentive that a qualified business activity enjoys for four(4) years to nine(9) years, previously is two(2) to seven(7) years.

QUESTIONS

1. What impressed you most in the changes made under the CREATE LAW.

2. What do you think is/are the advantage/s of this changes

3. If you were one of the lawmakers what other revisions/deletions would you have crafted.