Features of the new CREATE Law (RA 11534)
Our comprehensive tax reform program must really make our tax system simpler, fairer and more efficient. While we laud the government efforts in pushing for tax reform, we still need to remind our legislators to prioritize and protect our small businesses. This is owing to the fact that 99.52% of businesses in the country are micro, small and medium enterprises (MSMEs) which employ 63.19% of total workforce. A number of MSMEs are registered as sole proprietors with the Department of Trade and Industry (DTI).
In an open letter to all legislators published and sent to Congress on May 2, 2020, we urged our legislators to end the injustice by legislating tax policy reforms which will help businesses adjust to the new normal and to fund the digital transformation of the Bureau of Internal Revenue (BIR). READ MORE: An Open Letter to Lawmakers.
In another open letter addressed to the President, we proposed some provisions of the newly enacted CREATE law to be vetoed. To know more about the best features and vetoed provisions, JOIN the Elite Taxpayer Circle (ETC) today to attend the exclusive WEBINAR with our Chairman and CEO Mon Abrea on April 20, 2021 at 2PM.
In partnership with the Bureau of Internal Revenue (BIR), TaxWhizPH Digital Solutions features BIR officials every Monday at 3PM to discuss and answer current tax issues and questions especially related to the upcoming April 15 deadline of filing annual income tax returns.