Tax Guide for SMEs
To serve as a tax guide especially for small and medium enterprises (SMEs), here are some of the most frequently asked questions on the CREATE Law:
- Will small businesses benefit from CREATE law? How about one-person corporations?
Yes. Small corporations including one-person corporations with net taxable income not exceeding P5 million and total assets not exceeding P100 million (excluding land) will be subject to only 20% corporate income tax effective July 1, 2020.
- Is the reduced percentage tax from 3% to 1% applicable even to individual taxpayers?
Yes. It’s applicable to all non-VAT registered taxpayers with annual gross sales of P3 million and below, effective July 1, 2020 to June 30, 2023.
READ MORE: Tax Guide on CREATE Law, Part 1
To know more about the CREATE law, join the Elite Taxpayer Circle (ETC) and attend the exclusive CREATE webinar for free organized by the Asian Consulting Group (ACG).
If you want to organize an exclusive webinar for your organization or association, send an email invite to firstname.lastname@example.org or call +632 76227720.