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Proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)

10 Dec 2020

This Tax Alert is issued to inform all concerned on the proposed amendments to the National Internal Revenue Code of 1997, as amended, under Senate Bill No. 1357, otherwise known as “Corporate Recovery and Tax Incentives for Enterprises Act” or CREATE Bill. The CREATE Bill was approved on third and final reading by the Senate on 26 November 2020.

Clarifications on the tax exemption of retirement benefits under Bayanihan II

16 Nov 2020

This Tax Alert is issued to inform all concerned on the following clarifications on the tax exemption of retirement benefits pursuant to Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II and as implemented under Revenue Regulations (RR) No. 29-2020.

Reiteration of the imposition of franchise tax and other taxes on income derived by offshore gaming licensees as source of funding during the pandemic

06 Nov 2020

This Tax Alert is issued to reiterate that income derived by offshore gaming licensees shall be subject to the 5% franchise tax and other applicable taxes. The franchise tax and other applicable taxes to be collected from offshore gaming licenses shall be used to fund the subsidies and stimulus measures provided under Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II.

Available Tax Reliefs under Bayanihan to Recover as One Act (Bayanihan II)

22 Oct 2020

This Tax Briefer is prepared to inform all concerned taxpayers on the available tax relief/ exemptions as provided under the Bayanihan to Recover as One Act (RA 11494) or Bayanihan II, as implemented in RR Nos. 23 to 29-2020.

Tax incentives for donations of computers and similar equipment for use in teaching and learning in public schools

15 Oct 2020

This Tax Alert is issued to inform all concerned on the tax exemptions of donations of identified equipment for use in public schools pursuant to Bayanihan to Recover as One Act (Republic Act No. 11494) or the Bayanihan II.