Philippines' House, Senate approve corporate tax breaks

Sen. Pia Cayetano, who led the Senate contingent during bicameral discussions on the bill, said she was happy about finally finding common ground with the House on the bill after it was sidelined for years. - PDI

MANILA (Philippine Daily Inquirrer/ANN): The Senate and the House of Representatives on Wednesday (Feb 3) ratified a key economic reform bill that would give companies a “much-needed tax break” by lowering the corporate income tax after the two chambers agreed on a consensus version.

The Senate approved the final, uniform version of the proposed Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, on Wednesday afternoon, a few hours after it was passed by the House.