FOLLOWING a directive from its chairman, Finance Secretary Carlos Dominguez 3rd, the Fiscal Incentives Review Board (FIRB) is standardizing investor fees collected by investment promotion agencies (IPAs).
The Department of Finance announced this on Friday, saying that the FIRB has directed all IPAs to provide a copy of their rate schedule for various services connected to the issuance and management of tax incentives to registered business enterprises (RBEs)-investors. It also required IPAs to give information on how they recover costs and generate revenue. The Finance department said FIRB's purpose is to provide sound rules for the fees collected by IPAs from their respective RBEs.
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