WorksheetsCREATE-st
Total questions: 9
Worksheet time: 2mins
The acronym CREATE means
Corporation Recovery And Tax Incentives for Enterprises
Corporate Recuperation And Tax Incentives for Enterprises
Corporate Recovery And Tax Incentives for Enterprises
RA (a) or Corporate Recovery And Tax Incentives for Enterprises
It is the second package of the Comprehensive Tax Reform Program that reduces Income Tax Rates from 30% to __% for corporate taxpayers in general, and to 20% for other corporate taxpayers, subject to certain qualifications, effective July 1, 2020
20%
25%
22%
When was the act approved by President Duterte?
June 26, 2021
March 29, 2021
April 11, 2021
March 26, 2021
____ 26, 2021 – effectivity of the Implementing Rules and Regulation (IRR)
May
June
July
March
> shall be limited to the income generated by the Registered Business Entity (RBE) from a registered project or activity
> 4yrs to 7yrs entitlement depending on the location and industry priorities (SIPP)
Income Tax Holiday
Income Tax Table
Income Tax Return
What is the allowable deduction for assets acquired for the production of goods and services (qualified capex) under CREATE?
20% for buildings
10% for machinery
15% for buildings
20% for machinery
10% for buildings
20% for machinery
20% for buildings
15% for machinery
VAT Exemption and VAT Zero-rating on local purchases
Shall only be applied to goods and services directly and exclusively used in the registered project or activity of export enterprises, during the period of registration with the concerned IPA
Provided further, that excess input taxes attributable to zero-rated sales by VAT-registered RBEs, may be refunded or applied for tax credit, at the option of the RBE
Provided, that transactions falling under Section 106(A)(2)(a)(3), (4) and (5) and Section 108(B)(1) and (5) of the Tax Code, as amended, shall be subject to 12% VAT pursuant to RR 9-2021.
All of the above
Bonus question: Who is our resource speaker? (complete with middle name)
(a)
