The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, or Republic Act No. 11534, is a landmark legislation in the Philippines that significantly reformed the country's corporate income tax and fiscal incentive system. Signed into law on March 26, 2021, and effective April 11, 2021, CREATE is part of the broader Comprehensive Tax Reform Program (CTRP) aimed at making the Philippine economy more competitive and attractive to investments. Key Objectives of CREATE Law: · Lower Corporate Income Tax (CIT) Rates: The primary objective was to reduce the CIT rates to bring them closer to the regional average in Southeast Asia. This was intended to provide relief to businesses, especially in the wake of the COVID-19 pandemic, and to make the Philippines a more appealing investment destination. · Rationalize Fiscal Incentives: Before CREATE, the Philippines had ...