THE Department of Trade and Industry (DTI), through the Board of Investments (BOI), and the Department of Finance (DOF) have released interim rules to facilitate the immediate application of some provisions under Republic Act (RA) No.
THE Department of Trade and Industry , through the Board of Investments , and the Department of Finance have released interim rules to facilitate the immediate application of some provisions under Republic Act No. 12066 or the CREATE MORE Act, which updates certain provisions of the Corporate Recovery and Tax Incentives for Enterprises Act. This measure is meant to bridge the gap while waiting for the issuance of its Implementing Rules and Regulations .
The interim rules, published on December 17, 2024, allow IPAs to register projects and offer incentives under the new law while waiting for the CREATE MORE IRR. It also provides the process for transferring existing pre-CREATE projects, including expansion projects, to enable them to avail of CREATE incentives. Further, registered projects under CREATE with investment capital exceeding P15 billion may transfer their registration to CREATE MORE.
According to Special Assistant to the President for Investment and Economic Affairs Frederick Go, CREATE MORE demonstrates the government’s strong commitment to creating a conducive investment environment. He stressed that the policy’s regionally competitive incentive framework will support both domestic and foreign investments, generate quality jobs, boost incomes, and drive sustainable economic growth for the country.
The interim rules are designed to ensure a smooth transition and support investor confidence as the government moves forward with the updated tax incentive laws.
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