2 firms seek fiscal perks from gov’t
SCREENGRAB from www.peza.gov.ph
A manufacturing firm and a real estate developer are seeking fiscal perks and other incentives from the Philippine Economic Zone Authority (Peza) and the Board of Investments (BOI) for their respective production and tourist accommodation facilities.
In a notice, Peza announced that Beta Nanocoating Philippines Inc., which has a manufacturing plant at the Filinvest Technology Park (FTP-SEZ), has filed an application for pioneer status to be granted to its provision of services, based on the newness of product and technology.
These services were for heat treatment, coating and recoating of tools, cutting tools, dies, precision components mechanics, and surface treatment for automotive and other high performance mechanical pieces and automotive parts.
If approved, Beta Nanocoating will be entitled to six years of income tax holiday. The company’s application has already been accepted and is currently under process.
In a separate notice, the BOI also announced that Robinsons Land Corp. of the Gokongwei family has applied for registration as new operator of tourist accommodation facility or a tourist inn, on a nonpioneer status. GoHotels Butuan in Butuan City has a capacity of 104 rooms.
If approved by the BOI, RLC would be entitled to a menu of fiscal and nonfiscal incentives that would allow its facility to be more competitive. Government data showed that BOI-registered enterprises may be 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; tax credits; and additional deductions under labor expenses.
The 2013 IPP is currently being implemented pending the completion and issuance of the 2014 IPP.
Malacañang has yet to issue the approved 2014 IPP, which listed seven sectors that would be eligible for incentives over the next three years. These were manufacturing; agribusiness and fishery; services; economic and low-cost housing; energy; public infrastructure and logistics; and public-private partnership projects.
