Philippines enhances proposal for corporate tax reform to promote investment

Executive summary

On 22 May 2020, the Philippine Department of Finance (DOF) officially submitted its proposed amendments to the Corporate Income Tax and Incentives Reform Act (CITIRA)¹ bill. The enhanced bill (now referred to as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill) aims to aid the recovery of businesses negatively affected by the COVID-19 pandemic and enhance the ability of the Philippines to attract highly desirable investments. CREATE is the largest fisc…