3 companies seeking tax perks from BOI

A+
A
A-

Three local firms engaged in power generation, real estate and food export are seeking approvals from the Board of Investments for the granting of tax incentives and other perks for their new projects.

Based on separate notices, Catuiran Hydropower Corp. is applying for registration with the BOI as a renewable energy developer for the 8-megawatt Catuiran hydroelectric power project. The proposed facility will be located in Barangay Caburo, Naujan, Oriental Mindoro.

Cebu-based Kenrich Development Corp. is applying for registration as a new developer, on a nonpioneer status, of a low-cost mass housing project to be called Villa Vanessa. The planned development, to be located in Casili, Mandaue City, is expected to have 98 mass housing units once completed.

Vranch Evergreen Corp. also wants to register with the BOI as a new export producer of coconut products on a nonpioneer status.

The company’s facility, located at Barangay Bolo Norte, Sipocot in Camarines Sur, will have production capacities of 861.24 metric tons per year (MTPY)for virgin coconut oil, 54 MTPY for coconut flour, 240 MTPY for coconut water and 8.64 MTPY for coconut skimmed milk, the notice showed.

Once approved by the BOI, the projects will be entitled to a menu of fiscal and nonfiscal incentives that will allow their businesses to be more competitive.

Government data showed that BOI-registered enterprises are exempt from the payment of income taxes for four years. New projects with a pioneer status are exempt for six year from start of commercial operations.

Other incentives include exemption from taxes and duties on imported spare parts; exemption from wharfage dues and export tax, duty, import and fees for enterprises registered under the Investment Priorities Plan.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • norman1211

    invest in PEZA zones less red tape and doing business is much easier

  • eight_log

    It is very wrong to give tax perks to these companies!!!! GIVE TAX PERKS TO ENTREPRENEURS to encourage more people to start something. Giving tax perks to existing companies spawns corruptions!!!!

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement
advertisement