On 26 March 2021, President of the Philippines, Rodrigo Duterte, signed into law the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act (Republic Act 11534), including tax measures with retroactive effect. Several key measures of the Act concern tax rates, including:
- The standard corporate tax rate is reduced to 25% with effect from 1 July 2020 for domestic corporations and resident foreign corporations, with the reduction effective for non-resident foreign corporations from …