ON Nov. 8, the much-awaited Create More Law, or Republic Act (RA) 12066, was formally signed and published in the Official Gazette. This law is touted to boost the Philippines' global competitiveness in business.
ON Nov. 8, the much-awaited Create More Law, or Republic Act 12066, was formally signed and published in the Official Gazette. This law is touted to boost the Philippines' global competitiveness in business.
In addition, Section 295 of the Tax Code on incentives was also amended to provide that VAT exemption on importation and VAT zero-rating on local purchases now apply to goods and services 'directly attributable' to the registered project or activity, including incidental expenses, of a registered export enterprise or high-value domestic market enterprise , regardless of the location of these enterprises.
Significance Of Create More's Tax Amendments
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