During the peak of the pandemic in the Philippines, the work-from-home setup was introduced.
Even though the pandemic is over, Adiel, an online content writer for an online magazine, still prefers this arrangement.
“In all my years as a member of the working class, this setup has been the most rewarding for me,” said Adiel Basilan, an online content writer.
This is why President Ferdinand Marcos Jr.’s signing of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or CREATE MORE Act is seen as a major boost.
Under the new law, the corporate income tax rate will decrease by 5%.
From the previous rate of 25%, it will now be reduced to 20%.
This law is expected to attract more domestic and foreign investors to the country.
“Through this law, we aim to attract both domestic and global development that will shape our future,” PBBM mentioned.
The law also simplifies the process for Value Added Tax (VAT) refunds, filing of documentary requirements, and local taxation.
In addition to creating more jobs, the CREATE MORE Act will provide tax incentives to companies offering work-from-home arrangements.
“By building on the reforms initiated through the CREATE Act, we have enhanced our tax regime [and] incentive framework, making it more inviting for investments, while remaining steadfast in the principles of fiscal prudence and stability,” PBBM assured.
The CREATE MORE Act was authored by Senator Sherwin Gatchalian, Senate President Migz Zubiri, and Congressman Joey Salceda.
**JOSE ROBERT INVENTOR
