The Philippines Senate Passes Corporate Tax Reform

The Philippines Department of Finance has issued a release announcing the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act by the Senate on 26 November 2020. The CREATE Act is a redesigned version of the corporate tax reform package originally introduced as the Corporate Income Tax and Incentives Rationalization Act (CITIRA), which was approved by the House of Representatives in September 2019. The CREATE Act as approved by the Senate is to be approved by the…