This edition of the National Internal Revenue Code of 1997 (Tax Code) includes the

amendments introduced by Republic Act (RA) No. 11534, otherwise known as the CREATE
Law, and by RA No. 11494 or Bayanihan 2.

The most significant amendments under the CREATE Law are the reduction of the corporate
income tax rate from 30% to 25% or 20% under certain conditions, and the rationalization of
taxes and incentives of entities registered with the various Investment Promotion Agencies such
as the Board of Investments and the Philippine Economic Zone Authority.

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