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

Check out the key changes in the 1702-Q form in Fast File before and after the C.R.E.A.T.E. was implemented.

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

Period 2019 - Before C.R.E.A.T.E.

Prior to the RMC changes, if you generated a 1702-Q form in Fast File, the only option for Period 2019 and older is (Schedule 2, Line 10), where the Applicable Tax Rate is set to 30%.

Period 2021 - After C.R.E.A.T.E.

Users will now see a banner in JuanTax giving them the option to choose the total assets that are applicable to them (below or over 100M).

After choosing the applicable option, the tax rate will automatically be adjusted and calculated. These changes are based on the C.R.E.A.T.E. income tax rates provided in the regulation.

C.R.E.A.T.E. bill trims down Corporate Income Tax (CIT) from 30% to 25% for large corporations. While the small to medium corporations with a net taxable income below Php 5M and total assets below Php 100M have a CIT of 20% under C.R.E.A.T.E.

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