In this issue:
The Bureau of Internal Revenue (BIR) has issued a Revenue Regulation regarding the implementation of the New Income Tax Rates on the Regular Income of Corporations, on Certain Passive Incomes, Including Additional Allowable Deductions from Gross Income of Persons Engaged in Business or Practice of Profession Pursuant to Republic Act (RA) No.11534 or the “Corporate Recovery and Tax Incentives for Enterprises Act” (CREATE), which Further Amended the National Internal Revenue Code (NIRC) of 1997.

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