The Philippine Economic Zone Authority (PEZA) and the Department of Tourism (DoT) have signed a supplemental memorandum of agreement that will better define the investments eligible for duty-free incentives under a previous accord.
The supplemental agreement will expound on some sections of an earlier one that allowed the grant of ?Special Economic Zone? status to tourism development zones or tourism estates,
Tourism Secretary Joseph Durano said.
?We?ve deemed it necessary to provide a detailed list of capital equipment with their corresponding criteria for eligibility to duty-free incentives,? Durano said in a statement.
According to the supplemental agreement, allowable tourism-related locators in Tourism Economic Zones include hotels (de luxe or first class), condominium hotels and serviced residences or apartments, resorts, theme parks, museums and art galleries, health and wellness facilities (spas), sports and recreational centers, international convention/trade centers, airports, seaports and marinas.
The agreement also lists capital equipment that can be brought in duty-free, including general building equipment and materials, pollution control equipment, solid waste disposal system, fire-fighting and prevention systems, specialized maintenance equipment and medical equipment. Edited by INQUIRER.net