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Learn about the changes in income tax rate, allowable deductions, and tax credits for corporations in the Philippines under the CREATE Act. Find out how to prepare and file your 2023 Annual ITR with the BIR.
Jul 1, 2023 · Learn how the CREATE law reduced the corporate income tax rate from 30% to 20-25% for three years starting July 1, 2020, and how it expired on June 30, 2023. See examples of tax savings and computation for percentage tax and minimum corporate income tax.
The Bureau of Internal Revenue (BIR) announces reversion of Regular Corporate Income Tax to 10% for proprietary educational institutions and non-profit hospitals, Percentage Tax to 3%, and Minimum Corporate Income Tax to 2%, effective July 1, 2023.
Reverts the rates of Percentage Tax, Minimum Corporate Income Tax, and Regular Corporate Income Tax on proprietary educational institutions and not for profit hospitals, pursuant to RA No. 11534 (Corporate Recovery and Tax Incentives for Enterprises Act [CREATE])
Jul 5, 2023 · In pursuance of the Corporate Recovery and Tax Incentives Enterprises Act (CREATE) and Revenue Regulation Memorandum Circular No. 69-2023, the following rates are revised effective July 1, 2023: The rate of percentage tax (PT) shall revert to three percent (3%) from 1%;
Jan 17, 2023 · Learn about the changes in income tax rates, VAT, and MCIT for individuals and corporations in 2023. Find out how the TRAIN and CREATE laws affect your tax obligations and benefits.
Feb 22, 2024 · Minimum corporate income tax (MCIT) on gross income, beginning in the fourth taxable year following the year of commencement of business operations. MCIT is imposed where the CIT at 25% is less than 2% MCIT on gross income. 2.
