Amendments on the IRR of the CREATE Act
The Bureau of Internal Revenue (BIR) outlined certain amendments on the Implementing Rules and Regulations (IRR) of Republic Act No. 11543 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act through Revenue Memorandum Circular (RMC) No. 120-2021. Among the significant changes introduced by the said RMC are as follows:
The provisions of the circular shall take effect immediately.
P&A Grant Thornton
Certified Public Accountants
As published in SunStar Cebu, dated 05 January 2022