- August 20, 2020
- Posted by: admin
- Category: Daily News
- The senate will begin deliberations on the week of 23 Aug 20 on the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will immediately cut corporate income tax to 25%.
- This as Congress is aiming to ratify the proposed Bayanihan to Recover as One Act (Bayanihan II) on 20 Aug 20.
- The Bicameral Conference Committee still has around 10 to 12 provisions of Bayanihan II to reconcile, allowing it to finish by 20 Aug 20 morning, Senator Juan Edgardo M. Angara said.
- The Bayanihan II grants President Rodrigo R. Duterte special powers to realign items in the 2019 and 2020 national budget as well as provide much-needed assistance to various sectors hammered by the coronavirus pandemic.
- Mr. Angara said one of the provisions being ironed out is the PHP10bn in funds allocated to the Department of Tourism to help affected businesses. The House of Representatives, however, used the funding for the Tourism Infrastructure and Enterprise Zone Authority.
- After the Bayanihan II, the chamber will turn its attention to the CREATE bill. The Senate had committed to approve the bill within the month after failing to tackle the bill ahead of the 5 Jun 20 adjournment.