An Act reforming the Corporate Income Tax and Incentive Systems is signed into law.
Highlights:
RA 11534 cuts corporate income tax rate to 25 percent from the current 30 percent. Retroactive from July 1, 2020.
According to the law, “Provided, that corporations with net taxable income not exceeding PHP5 million and with total assets not exceeding PHP100 million, excluding land on which the particular business entity’s office, plan, and equipment are situated during the taxable year for which the tax is imposed, shall be taxed at 20 percent,”.
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