Corporate Income Tax Rate 2024 Philippines. The corporate recovery and tax incentives for enterprises (“create”) act prescribed the one percent (1%) mcit from 1 july 2020 to 30 june 2023. A lower corporate income tax of 20% is also provided for domestic corporations with.

However, until june 30, 2023, the mcit is temporarily reduced to 1%. After 30 june 2023, the rate shall revert to the preferential corporate income tax rate of 10%.