Investment board to help organizations learn ways to “create incentives”

With the significant changes to the Companies and Institutions Recovery Act (CREATE), the Board of Investment (BOI) will hold a seminar to guide institutions registered with the agency regarding submission of incentive applications that may benefit from them.

As the leader of the country’s Investment Promotion Agencies (IPAs), the investment bank said in a statement Thursday that it is bringing together business enterprises registered with the Investment Board (RBEs) for an informational and awareness seminar.

The seminar aims to keep BOI-RBEs informed of the submission of incentive applications they may receive as stipulated in their BOI Registration Terms and Conditions.

The seminar series, called Incentive Information Dissemination for Enterprise Awareness Seminar (IIDEAS), will be held in various regions and districts across the country.

The first for Zone 3 RBEs will be held on July 29 in Clark, Pampanga and will be the next for BOI RBEs in Southern Luzon, Cebu and Davao.

On his part, Bank of England Managing Director and Under-Secretary for Commerce, Severino Rodolfo, said: “Doing business in the Philippines as a board-registered institution opens the door to profitable opportunities in a resilient country with consistently high economic growth.”

However, Rodolfo said, this opportunity carries responsibilities, and the IIDEAS seminar is the platform to help RBEs be informed of changes in incentive applications.

The seminar addresses the following topics: Income Tax Exemption (ITH) including checklist of requirements, issues and concerns, coverages (revenue sources and calculation period), types of income not allowed/excluded in ITH, and ITH calculation for expansion and modernization projects.

Among the topics that will also be covered: incentives to import capital equipment, spare parts, raw materials and accessories under the Construction Law, the Oil Industry Liberalization Law, and the Renewable Energy Law; Zero VAT classification under the creation law including basic requirements, coverage and benefit.

The IIDEAS seminar will also cover topics on the employment of foreign nationals 47(a)2 visa issues and concerns; updates regarding compliance with the terms and conditions of the investment board; Certificate of Tax Incentive Entitlement (CETI) application; and various updates to the latest investment board rules and policies related to available incentives.

To join the seminar, companies must register for their confirmation and name of attendee(s) at https://forms.gle/KvCX697MAjTLcjaMA on or before 28 July 2022. Reservations must be observed in the said symposium.

For further inquiries, companies may contact Ms. Jerusha G. Gumop-as, Ms. Adonna O. Yao-co or Mr. Mario A. Sabio at phone numbers (02) 8897-6682 loc. 271/309 or 8896-8236.

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