Create IRR on incentives eyed in May
THE Fiscal Incentives Review Board (FIRB) is aiming to complete the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises Act (Create) Act by the third week of May, or about two months ahead of the 90-day deadline set under the law, according to the Department of Finance (DoF).
In a statement on Sunday, the DoF said the IRR will contain details on the new menu of tax perks awaiting investors, as well as the expanded functions of the FIRB as overseer of the grant of investment incentives.
At its first meeting last April 14, the Finance department noted that FIRB agreed to set May 17 as the target date for signing the IRR on Title XIII of Create, which covers the expanded functions of the board and the fresh menu of tax incentives available to investors and enterprises under this law.
Under Create, the Secretaries of the Finance and Trade and Investments are given 90 days from the effectivity of the law, or by July 11, to promulgate the IRR of Title XIII, the DoF explained.
“If you can finish it in less than 30 days, the better. Let everybody focus on this date (May 17),” Finance Secretary Carlos Dominguez 3rd, who is also the FIRB chairman, was quoted as to have said to members of the FIRB present during the meeting.
The DoF added that Finance Assistant Secretary Juvy Danofrata, who was designated to head the FIRB Secretariat, said the board is targeting
to submit the IRR of Title XIII for final review by Dominguez and FIRB co-chair Trade Secretary Ramon Lopez by May 10, 2020.
The Finance department said it had two initial discussions with the Bureau of Internal Revenue and the Board of Investments-Department of Trade and Industry (DTI) last week on the draft IRR and are scheduled to have a final meeting this week.
A joint DOF-DTI consultation with the various investment promotion agencies will be held on the week of April 26 to discuss the draft, as well, it added.
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