A positive change brought about by Republic Act (RA) 11534 (Create Act) was the repeal of Section 29 of the National Internal Revenue Code of 1997 relating to the imposition of a 10 percent improperly accumulated earning tax (IAET) or surtax.

Based on the Revenue Regulations (RR) 5-2021, the IAET shall no longer be applied to the entire taxable year for all fiscal years/taxable years ending after April 11, 2021, the effectivity date of the Create Act. While the repeal is prospective in application, the inescapable implication is that any open fiscal/taxable years ending prior to the aforesaid date may technically still be the subject of an audit or investigation by the Bureau of Internal Revenue (BIR).

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