TAX INCENTIVES and BMBE

Question 1

This act is the second package of the comprehensive tax reform program that reduces corporate Income tax rates. This act also provides other relief tax measures that will help businesses, particularly those organized as corporations including One person corporation recover from the effects of the pandemic as well as measures that will rationalize the grant of fiscal incentives to targeted investors.

Answer 1

Republic Act No. 11534 (CREATE ACT)

Question 2

What is the rate of Domestic corporations with net taxable
income not exceeding PhP 5 Million and with
total assets not exceeding PhP 100 Million
As of July 1 2020 ?

Answer 2

From 30% to 20%

Question 3

What is the rate of All other domestic corporations and resident foreign
corporations as of July 1 2020?

Answer 3

From 30% to 25%

Question 4

was enacted last November
13, 2002 under former President Gloria
Macapagal Arroyo. It recognizes that small
businesses and micro-enterprises are crucial
components of economic development in the
country. They provide livelihoods for Filipinos
and improve the quality of life.

Answer 4

BMBE (Barangay Micro-Business
Enterprise)