With the significant changes brought upon by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Philippine Board of Investments (BOI) is set to provide updates and guidance to the enterprises registered with the agency about the procedures and requirements in the filing of incentives applications that they may avail.

The BOI – as the leader of the country’s Investment Promotion Agencies (IPAs) – is gathering its BOI-registered business enterprises (RBEs) for an information and awareness seminar. The seminar aims to keep BOI-registered business enterprises (RBEs) in the loop 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 nationwide. The first will be held for Region 3 RBEs on July 29 Clark, Pampanga and the succeeding will be for BOI RBEs in South Luzon, Cebu, and Davao.

“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. This opportunity however carries responsibilities, and the IIDEAS seminar is our platform for our RBEs to get informed of the changes in incentives applications,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.

The seminar covers the following topics: income tax holiday (ITH) including the checklist of requirements, issues and concerns, coverage (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; 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 28 July 2022. 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. (END)