Incentives

by ABS-CBN News, Apr 25, 2018 MANILA – The European business lobby on Wednesday again cautioned against removing fiscal incentives for companies currently enjoying them and said the government’s proposed new corporate income tax rate still falls short when compared to those in other countries.

by Ben O. de Vera, Inquirer, Jan 22, 2018 Even as the planned cut in corporate income tax rates will depend on the revenue gains of the second tax reform package, Finance Secretary Carlos G. Dominguez III expressed confidence that investors will understand the government’s thrust of balancing the grant of fiscal perks.

By Corey Rosen, The Daily Dose, Sept 1, 2016 WHY YOU SHOULD CARE Because who wants to be a have-not? The author is the founder of the National Center for Employee Ownership, a nonprofit based in Oakland, CA. The rich are getting richer, and the poor keep muddling through. It’s a constant campaign refrain, and…

MANILA, Philippines – The Department of Finance (DOF) is calling for increased transparency, particularly on the grant of fiscal and non-fiscal incentives to various industries as part of the government’s good governance reform program.

MANILA, Philippines – The Department of Trade and Industry (DTI) wants to simplify the country’s incentive regime by repealing incentive-giving laws and putting all incentives under the Investment Priorities Plan (IPP).

The Board of Investments (BOI) has removed microenterprises from the list of businesses that can qualify for tax and other perks under this year’s Investment Priorities Plan (IPP). A microenterprise is a business that has assets of under P3 million and so is the most feasible that the poor can put up.

The Philippines plans to propose legislative measures to ease curbs on foreign direct investments and help reduce unemployment, Economic Planning Secretary Arsenio Balisacan said.

President Aquino, assuring investors of competitive incentives, vowed on Wednesday to make it easier for them to put up new investments in the country. Addressing investors at the grand launch of Mactan Newtown, Megaworld’s latest Eastwood City township-type project in Cebu’s Lapu-Lapu City, Mr. Aquino noted that since he assumed the presidency in 2010, he…

THE PHILIPPINES must rationalize its fiscal incentives since many overlap, officials of the International Monetary Fund (IMF) said. Kiyoshi Nakayama and Selcuk Caner of the IMF Fiscal Affairs Department last week warned of “double-dipping” since incentives are granted to investors depending on the law they invoke.

MANILA, Philippines – The passage of a measure that would rationalize fiscal incentives could help the Philippines achieve the much-awaited credit rating upgrade, the International Monetary Fund’s new resident representative for the Philippines said.

FEARS THAT the fiscal incentives bill could be shelved were downplayed yesterday by a Cabinet official, who said legislators still had time to pass the priority measure before turning their focus to next year’s elections.

MANILA, Philippines – The Department of Trade and Industry (DTI) has warned against double dipping of incentives, arguing that when there is a guaranteed rate of return, investors are no longer entitled to income tax holidays (ITH).

MANILA, Philippines – The government has waived P20 billion in income tax holiday (ITH) last year in exchange for P302 billion worth of Board of Investments (BOI) approved investments.

President Benigno Aquino III has ordered the Trade Department to include the creative industries and disaster-mitigating and recovery projects in the 2011 Investment Priorities Plan, bringing to 13 the number of activities eligible for incentives this year from 11.

MANILA, Philippines –  The House committee on ways and means yesterday approved the proposed Investments and Incentives Code of the Philippines, one of 23 priority bills of the Aquino administration that aims to enhance the economy’s global competitiveness through investment promotion and industrial development activities.

THE International Monetary Fund (IMF) and the World Bank prodded the Philippines to reform its fiscal incentive system amid a redundancy that has rendered tax administration inefficient in raising revenues.

THE government will cut the tax exemptions and incentives being extended to businesses and investors instead of imposing new taxes, President Benigno Aquino III said Tuesday.

MANILA, Philippines – The Japan International Cooperation Agency (JICA) said that even if President Aquino is wooing displaced Japanese firms to locate in the country, the absence of a Philippine rescue incentive package makes other countries more attractive.

MANILA, Philippines – Trade Secretary Gregory L. Domingo said that the Department of Trade and Industry (DTI) is considering giving tax incentives to investments that has a minimum of five-percent value added.

MANILA, Philippines – The government can save up to P5 billion if the incentives scheme for domestic registered enterprises is amended, a joint Department of Trade and Industry (DTI) and Department of Finance (DOF) Fiscal Incentives Reform (FIR) report showed.

MANILA, Philippines – Income tax incentives granted to investors regardless of location would be reduced while the five percent on gross income earned (GIE) would be capped to a maximum of 25 years at reduced rate.

MANILA, Philippines – Speaker Feliciano Belmonte Jr. is pushing for the passage of a measure that would consolidate and rationalize investment incentives to promote investments and growth.

MANILA, Philippines – The government is looking at removing from the Board of Investments (BOI) the power to grant incentives and instead give this right solely to the Philippine Economic Zone Authority (PEZA).