CREATE bill to help PH’s innovation recovery
House Ways and Means Chair Joey Salceda said that the much-anticipated passage of Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act can help the country’s innovation recovery.
The Philippines slipped to 18th place in Tholons’ recently-released Top 50 Digital Nations list by the Tholons Global Innovation Index. The country slid its place as a preferred outsourcing destination for Business Process Outsourcing (BPO) firms.
“BPOs are still growing dramatically in the Philippines. CREATE will provide an even stronger boost, particularly for innovation. Under CREATE’s enhanced deductions, research and development expenses are eligible for double deductions, or another 100% from taxable income,” said Salceda.
