3 companies seeking tax perks from BOI
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.