THE INTERIM implementing rules and regulations (IRR) for the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act were issued on Tuesday, laying down the rules for the transfer of registrations to other investment promotion agencies (IPAs).
The interim IRR allows “Pre-CREATE RBEs (registered business enterprises) with investment capital exceeding P15 billion… to transfer their registration… (if they have) started operating or (are) in the pre-operating stage” as long as they have not availed of any income tax-based incentives.
Qualified RBEs intending to transfer their registrations, if approved to do so, must surrender their Certificate of Registration or Certificate of Registration and Tax Exemption for cancellation, prior to the issuance of a new certificate.
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