THE House of Representatives Committee on Ways and Means has passed the substitute bill that would amend the Corporate Recovery and Tax Incentives for Enterprises Act (Create) to include provisions on the imposition of the Global Minimum Corporate Tax regime.

Committee Chairman and Albay 2nd District Rep. Jose Maria Clemente 'Joey' Salceda said the Philippines must prepare if countries accede to the global minimum tax regime, which is under the Organization for Economic Co-operation and Development (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS).