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Generating 1702-RT in Fast File, Post-C.R.E.A.T.E. Bill
Generating 1702-RT in Fast File, Post-C.R.E.A.T.E. Bill

Check out the key changes in Fast File before and after the C.R.E.A.T.E. bill has been implemented.

Maui Banag avatar
Written by Maui Banag
Updated over a week ago

Corporate income tax and fiscal incentives or Package 2 of the Corporate Recovery and Tax Incentives for Enterprises or C.R.E.A.T.E. is a newly passed law.

C.R.E.A.T.E. bill trims down corporate income tax (CIT) from 30% to 25% for large corporations and 20% for small and medium corporations (given that their net taxable income is below Php 5M and their total assets are below Php 100M).


Period 2019 - Before CREATE

Prior to the RMC changes, if you generated a 1702-RT form in Fast File, the only option for Period 2019 and older is that (line 40) Applicable Tax Rate is set to 30% while (line 42) Minimum CIT is set to 2%.

Line 40 or Applicable tax rate is 30%

Line 42 or Minimum CIT is 2%


Period 2020 - AFTER C.R.E.A.T.E.

In line with the changes that came with the C.R.E.A.T.E. law, users will now see a banner in Fast File, giving them an option to choose between using the current tax rates or the C.R.E.A.T.E. law’s new rates.

With 2 simple clicks before filling out the form, changes to taxes with the C.R.E.A.T.E. law will be automatically adjusted and calculated for you based on the transitory rates provided in the regulation.

No description available.

Line 40 or Applicable tax rate is 27.5%

Line 42 or Minimum CIT is 2%

*27.5% is the cumulative calculation done by Fast File with Transitory Rates applied.

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