ASIDE from amending provisions in the National Internal Revenue Code ("Tax Code") on value-added tax zero rating and incentives, Republic Act (RA) 12066 (Create More) added incentives to registered business enterprises (RBEs).
Create More empowered Investment Promotion Agencies (IPAs) to grant incentives directly to investors, provided their investment capital is P15 billion or less. IPAs will no longer operate under a delegated authority from the Fiscal Incentives and Review Board (FIRB). The FIRB, however, retains the power to approve the grant of incentives to investments higher than P15 billion, exercising regulatory and quasi-judicial functions, in addition to oversight and policy-making functions, over IPAs. The FIRB may impose sanctions such as suspension or cancellation of the IPAs' authority to grant tax incentives.
Continue reading with one of these options:
Ad-free access
P 80 per month
(billed annually at P 960)
- Unlimited ad-free access to website articles
- Limited offer: Subscribe today and get digital edition access for free (accessible with up to 3 devices)