Photo Release

Recto Bats for Tax Free Foreign-Sourced Dividends: Senate President Pro-Tempore Ralph Recto introduces an amendment to Senate Bill No. 1357 or the Corporate Income and Incentives for Enterprises Act (CREATE) which seeks an outright five percent cut in the corporate income tax rate and tailor-fitted incentives for investors. In his amendment, Recto batted for income tax exemptions of foreign sourced-dividends. “The purpose of this bill is to attract investments. So that Filipinos abroad can bring in their resources tax free for investment in the Philippines,” Recto said during the hybrid plenary session Thursday, October 15, 2020. The amendment was accepted by Sen. Pia Cayetano, sponsor of the bill. (Screen grab/Senate PRIB)