Philippines Bureau of Internal Revenue Publishes FAQs on Income Tax Changes Under the CREATE Act

The Philippines Bureau of Internal Revenue (BIR) recently published Revenue Memorandum Circular No. 62-2021, which provides clarifications regarding corporate income taxation in light of the change introduced by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act as implemented by Revenue Regulations No. 5-2021. The clarifications are provided in the form of frequently asked questions as below.

The BIR has also published Revenue Memorandum Circular No. 67-2021, which pro…