BOI to help enterprises learn ways to access CREATE incentives

WITH the significant changes in the Corporate Recovery and Enterprises (CREATE) law, the Board of Investments (BOI) will conduct a seminar to guide the enterprises registered with the agency in terms of filing of incentives applications that they may avail of.

As the leader of the country’s Investment Promotion Agencies (IPAs), the BOI said in a statement on Thursday that it is gathering its BOI-registered business enterprises (RBEs) for an information and awareness seminar.

The seminar aims to keep BOI-RBEs informed on the filing of incentives applications that they may get as provided in their BOI registration terms and conditions.

Dubbed as Incentives Information Dissemination for Enterprise Awareness Seminar (IIDEAS), the seminar series will be held in various regions and provinces across the country.

The first will be held for Region 3 RBEs on July 29 in Clark, Pampanga and the succeeding ones will be for BOI RBEs in South Luzon, Cebu, and Davao.

For his part, BOI Managing Head and Trade Undersecretary Ceferino Rodolfo said “doing business in the Philippines as a BOI-registered enterprise opens the door to profitable opportunities in a resilient country with a consistently high economic growth.”

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

The seminar covers the following topics: income tax holiday (ITH) including the checklist of requirements, issues and concerns, coverages (sources of revenue and reckoning period), types of income that are disallowed/excluded in ITH, and the computation of ITH for expansion and modernization projects.

Also among the topics that will be covered are: Incentives on Importation of capital equipment, spare parts, raw materials and accessories under the CREATE Law, Downstream Oil Industry Deregulation Act, and Renewable Energy Act; VAT-zero Rating under CREATE Law including the basic requirements, coverage, and availment.

The IIDEAS seminar will also cover topics on employment of foreign nationals 47(a)2 visa issues and concerns; updates on compliance with BOI terms and conditions; Certificate of Entitlement to Tax Incentives (CETI) application; and various updates on recent BOI rules and policies related to incentives availment.

To join in the seminar, the firms should sign up for their confirmation and name of attendee(s) at https://forms.gle/KvCX697MAjTLcjaMA on or before July 28, 2022. BOI said only attendees who are fully vaccinated and with confirmed reservations shall be accommodated in the said seminar.

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