Photo Release

CITIRA to CREATE bill: As agreed by the senators, Senate Majority Leader Migz Zubiri stated that the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) has been substituted by the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), during Tuesday’s hybrid plenary session, September 15, 2020. The measure seeks to provide an outright five percentage point reduction in the corporate income tax rate, from 30 to 25 percent. The measure will be opened for interpellation on Monday, September 21, 2020. (Screen grab/ Senate PRIB)