Let's Talk Tax
Addressing corporate income tax concerns under the CREATE law
On April 8, the Bureau of Internal Revenue (BIR) released Revenue Regulations (RR) No. 5-2021 which implements certain provisions of the Corporate Recovery and Tax Incentives for Enterprise (CREATE) Act. It particularly implements the new Corporate Income Tax (CIT) rates, new income tax rates on certain passive incomes, and additional deductions from gross income of corporations and sole proprietors.