The GPCCI Policy and Advocacy Committee (PAC) gathered last 02 April 2024 to discuss the proposed reforms to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and its impending implications for businesses.
Atty. Benedicta Du-Baladad, the founding partner and CEO of Du-Baladad and Associates (BDB Law), gave an insightful discussion on the proposed features in House Bill No. 9794 on CREATE MORE (Maximize Opportunities for Reinvigorating the Economy). She also discussed what changes businesses may encounter for tax incentives, tax holidays, and other documentary requirements on their taxes.
The CREATE More Bill was passed by the House of Representatives on the third reading to address concerns on the current tax regime and to make it more globally competitive and compliant.
Dr. Marian Majer, Chairperson of the GPCCI PAC, also gave brief updates on the recent activities of the Committee and GPCCI such as the visit of President Ferdinand Marcos Jr. In Berlin, the bilateral meeting between Pres. Marcos and German Chancellor Olaf Scholz, the German-Philippine Investment Forum, the resumption of the negotiations for the EU-Philippine Free Trade Agreement, and the 2nd Philippine-Germany Joint Economic Commission.
The PAC Meeting was held at the German Club Manila with 14 Committee members in attendance.
