The Philippines Bureau of Internal Revenue (BIR) has published the draft revenue regulations for the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (Republic Act No. 11534), which was signed into law on 26 March 2021 and is currently pending publication in the Official Gazette. It is expected that the final regulations will be largely in line with the published drafts.
Key points of the draft regulations are summarized as follows: