San Carlos, 3 others seek perks
Four companies engaged in energy, tourism and real estate have sought tax incentives and other perks from the Board of Investments (BOI) for their proposed projects, according to notices posted by the agency.
According to the BOI, San Carlos Solar Energy Inc. has applied for registration as a renewable energy developer of solar energy resources with a planned 18-megawatt solar farm in Brgy. Cubay, La Carlota, Negros Occidental.
Another firm, Peter and Paul Inc., has also applied for registration with the BOI as new operator of tourist accommodation facility called Domicillo Bed and Breakfast on a non pioneer status.
The facility is on Emilio Aguinaldo Highway, Maharlika East, Tagaytay City.
SM Development Corp. is likewise seeking incentives for two real estate projects, both in Quezon City.
SMDC has applied for registration as an expanding developer of low cost mass housing project, Grass Residences Tower 5, on a nonpioneer status.
Vancouver Lands Inc., a wholly owned subsidiary of SMDC, is likewise applying for registration on a non-pioneer status as an expanding developer of low cost mass housing project in Novaliches called Trees Residences Phase 2.
Should the projects of these four companies be approved by the BOI, they will be entitled to a menu of fiscal and non-fiscal 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 from the scheduled start of commercial operations.
Other incentives include exemption from taxes and duties on imported spare parts; exemption from wharfage dues and export tax, duty, impost and fees for enterprises registered under the Investment Priorities Plan (IPP); tax credits; and additional deductions under labor expenses.