acegame888 New law ‘Create More Act’ to bring more jobs, growth – Senators

Updated:2024-11-13 03:46    Views:116

In this photo taken on July 22, 2018, residential (L) and informal settlers (R) areas are pictured against the backdrop of Philippines’ financial district of Makati. (Picture by TED ALJIBE / AFP)

MANILA, Philippines — Senators on Monday said the newly signed law titled “Create More Act” will help the country attract foreign investors, leading to an increase in job opportunities and economic growth.

Senators made the pronouncement after President Ferdinand Marcos Jr. put his signature into the bill called Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act.

Article continues after this advertisement

The chief executive signed the measure or the Republic Act. No. 12066 on Monday morning in Malacañang.

FEATURED STORIES BUSINESS BIZ BUZZ: Razon cries foul BUSINESS Missing funds prompt BSP probe of GCash BUSINESS JK Capital Finance locks in P300-million credit guarantee

READ: Marcos signs CREATE MORE Act amending corporate income taxes law

In a statement, Senator Juan Miguel Zubiri noted how the law will address problems for long-time investors, particularly the protracted process of claiming Value Added Tax (VAT) refunds.

Article continues after this advertisement

Zubiri said such problems were encountered by existing investors, each of whom had their own VAT refund complaints.

Article continues after this advertisement

“If existing investors are losing billions here, naturally they would want to leave, and there are many investment options available to them now, especially among our Southeast Asian neighbors,” said Zubiri,.

Article continues after this advertisement

The senator authored and co-sponsored the measure.

“If they leave, that’s thousands of jobs gone, and we become a no-go for other potential investors,” he added.

Article continues after this advertisement

Zubiri believes once these problems are addressed, investors will begin to flock to the country, leading to more jobs and a better economy.

“The key to boosting our economy and creating more jobs is inviting more investors in— and the key to inviting more investors in? Taking care of the ones who are already here,” the senator said.

“With the Create More Act now signed into law, we can look forward to new investors entering the country, and old ones expanding their investments even further,” he noted.

Meanwhile, Senator Win Gatchalian shared similar statements, noting that enacting the measure will “create a ripple effect in the country’s economic development.”

“With more foreign direct investments that Create More is expected to generate, more Filipinos will have better employment opportunities that will, in turn, redound to stronger domestic consumption, one of the major drivers of the local economy,” said Gatchalian.

The lawmaker is the principal author and sponsor of the measure.

Gatchalian believes the Create More Act will draw more foreign investors since it clears up the procedures on the application of VAT zero-rating on local purchases, and VAT exemption on the importation of goods and services.

The amendments will apply to goods and services linked to the registered project or activity, including essential services like janitorial, security, financial, consultancy, marketing and administrative functions such as human resources, legal and accounting services.

The Create More Act is an amendment to RA 11534, or the original Create Act, which was enacted to help enterprises recover from the impact of the pandemic.

The law imposes a 20-day timeframe for the Fiscal Incentives Review Board (FIRB) and Investment Promotions Agencies to act on applications for tax incentives.

Under the act, FIRB now also grants an incentive period of 24 to 27 years, up from 12 to 17 years.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Furthermoreacegame888, the law also ensures that export-oriented enterprises are exempt from paying VAT on domestically purchased materials as well as services that are directly attributable to their production.

READ NEXT Senate passes Natural Gas bill on third reading Global tech executives revolutionize property buying, selling,... EDITORS' PICK Milka Romero aims to expand sports initiatives across Cebu, Visayas Millennial midlife crisis is about ‘purpose and engagement’ Royina Garma, daughter arrested, detained in California – DOJ Trump ramps up transition moves with key appointments Kouame back as Gilas releases 15-man pool for Fiba qualifiers Fitch unit: PH economy to grow by 6.3% in 2025 MOST READ Comelec to decide on removing regulation of private social media accounts Royina Garma, daughter arrested, detained in California – DOJ BTr fully awards T-bonds Ofel now a severe tropical storm, to steadily intensify over 3 days Follow @FMangosingINQ on Twitter --> View comments

• amp
• #8216
• acegame888
• New
• Law