The Department of Finance (DoF) issued rules allowing eligible registered business enterprises (RBEs) to claim additional tax deductions of up to 100% on certain expenses under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, as reported by BusinessWorld.
In Advisory No. 010-2026, the Fiscal Incentives Review Board circularized the guidelines outlining which expenses qualify for the enhanced deductions and the documentation required to support claims. RBEs must submit their applications to the appropriate investment promotion agency to avail of the incentives.
The move aims to boost business expansion and job creation by reducing the tax burden on qualifying enterprises. Industry groups have welcomed the clarity provided by the advisory, which is expected to encourage more firms to invest in eligible activities.