Senior Citizens Party-list Representative Rodolfo Ordanes pointed out in a statement that Mindanao, the tourism sector, and enterprises of all sizes will gain much from the CREATE MORE amendments to the National Internal Revenue Code in a law President Ferdinand Marcos Jr. signed in Malacanang recently.
Ordanes is one of the principal authors of the new investment and tax legislation.
“It updates and upgrades the range or regime of investment incentives registered business enterprises can avail of.”
“The ratified bill for the signature of the President is 125 pages long. It updates and upgrades the range or regime of investment incentives registered business enterprises can avail of,” the veteran legislator said.
“To overcome high power rates, registered businesses will be granted an additional deduction of 100% on power expenses. The additional deduction for up to 50% of the reinvestment allowance which was only for manufacturing is extended to the tourism industry and to trade exhibits, fairs, and missions,” the seasoned lawmaker explained.
“The new investments law adds the BARMM’s BOI and Economic Zone Authority, and the Bulacan Special Economic Zone Authority to the list of agencies that will administer incentives.”
“The new investments law adds the Bangsamoro Autonomous Region in Muslim Mindanao’s Board of Investments and Economic Zone Authority, and the Bulacan Special Economic Zone Authority to the list of agencies that will administer incentives of the CREATE and CREATE MORE LAWS,” chairman of the House Committee on Senior Citizens added.
He pointed out that the new law also provides for excise tax exemption on the sale of petroleum products to international air carriers, as well as the establishment of an electronic sales reporting system.
“The cost of setting up the electronic sales reporting system will be recovered through an additional deduction at the rate of 100% for micro and small taxpayers and 50% for medium and large taxpayers,” Ordanes explained.
“The long-term impact of this new law will benefit the entire country and will be especially felt in Mindanao,” he added.
