Gov't commits in solving tax incentive claims in IT-BPM sector | Inquirer Business

Gov’t commits in solving tax incentive claims in IT-BPM sector

/ 06:39 PM October 24, 2022
The government committed on Monday to solve the tax incentive issue claims for the Information Technology and Business Process Management (IT-BPM) sector.

Finance Secretary Benjamin Diokno optimistic about the country’s improving investment climate. —INQUIRER FILE PHOTO

MANILA, Philippines—The government committed on Monday to solve the tax incentive issue claims for the Information Technology and Business Process Management (IT-BPM) sector.

In a statement, the Department of Finance (DOF) said the Fiscal Incentives Review Board (FIRB), has allowed the transfer of registered IT-BPM companies to the Board of Investments (BOI) to resolve the industry’s long-standing problem with tax incentive claims while conducting business activities outside of their zone limits.

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DOF said that they recognize the need to incorporate new, adaptive, and sustainable workforce models to increase the competitiveness of the Philippines in the area of business processes and services given the exponential growth of the global contact center and business processing services markets over the past 15 years.

In light of the shifting company environment, Finance Secretary Benjamin Diokno said that the FIRB understands the motive behind work-from-home arrangements as new business models.

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“Let me assure you that the Department of Finance and the FIRB are one with the Contact Center Association of the Philippines in promoting the country as an industry leader and top investment destination in the contact center sector,” Diokno said.

The COVID-19 epidemic, according to Diokno, was the driving force behind the industry’s rapid evolution and the creation of a vibrant, trustworthy, and much more agile IT-BPM sector that supports the DOF’s drive for a sustainable and digitally-powered economy.

The Finance chief also said he backs the need to reimagine the future of work, noting that the IT-BPM sector’s rising importance in the modern economy has made it possible for digitalization to take off in the Philippines.

The DOF said it is committed to boosting the growth of the IT-BPM industry.

“The Philippine government stands ready to support the continued growth of IT-BPM companies by building an enabling business environment in order to boost the country’s competitiveness in the field of business processes and services,” Diokno said at the Contact Center Association conference last Tuesday. — Kristelle Anne Razon, trainee

RELATED STORY:

WFH policy buoys growth hopes of IT-BPM sector

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