Photo Release

November 24, 2020

Amendments to CREATE Bill: The Senate resumes consideration of Senate Bill No. 1357 or the CREATE Bill sponsored by Sen. Pia S. Cayetano Tuesday, November 24, 2020. The measure, formerly known as CITIRA, seeks to immediately reduce the country's corporate income tax rate from 30 to 25 percent to help businesses cope with the COVID-19 pandemic and spur economic recovery. Cayetano said she accepted an incentive regime, as proposed by Senate President Pro-Tempore Ralph Recto, “which provides a balance between the need to, one, rationalize our incentives and, two, provide an environment to keep businesses thriving most especially amid this current pandemic.” (Henzberg Austria/Senate PRIB)