Finance Secretary and Fiscal Incentives Review Board (FIRB) Chairperson Benjamin Diokno emphasized that fiscal prudence must be exercised in granting tax incentives, as provided under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. “What we aim through the CREATE Act is to attach accountability and responsibility for every …Read More »

The Fiscal Incentives Review Board (FIRB) agreed to allow the transfer of registered Information Technology and Business Process Management (IT-BPM) companies to the Board of Investments (BOI) in an effort to resolve the sector’s long-standing issue on tax incentive claims while performing business activities outside their zone limits. “We recognize …Read More »

Finance Secretary and Fiscal Incentives Review Board (FIRB) Chairperson Benjamin Diokno issued a memorandum provisionally extending the existing work-from-home (WFH) arrangement for the Information Technology and Business Process Management (IT-BPM) enterprises. Secretary Diokno has deemed it necessary to retain the 70% on-site and 30% WFH arrangement, pursuant to FIRB Resolution …Read More »

The Fiscal Incentives Review Board (FIRB) clarified that the information being circulated on the extension of the work-from-home (WFH) arrangement for the Information Technology and Business Processing Management (IT-BPM) sector is still up for discussion. In a position paper submitted to Finance Secretary and FIRB Chairperson Benjamin Diokno, the FIRB …Read More »

The Fiscal Incentives Review Board (FIRB) convened its new members under the Marcos administration to discuss the rationalization of investor fees and streamlining of the FIRB’s monitoring and evaluation processes, among other matters. The FIRB is chaired by Department of Finance (DOF) Secretary Benjamin Diokno and co-chaired by Department of …Read More »

The Fiscal Incentives Review Board (FIRB) Secretariat has successfully conducted 15 virtual town hall meetings attended by 2,400 participants combined, in an effort to brief and assist its stakeholders on tax incentives application and other FIRB processes under the new Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Participants …Read More »

The Fiscal Incentives Review Board (FIRB) Secretariat has revealed that only four investment promotion agencies (IPAs) have complied fully with the requirement under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law for them to submit complete formal reports to the Cabinet-level inter-agency body. According to Finance Assistant Secretary …Read More »

The Philippine Economic Zone Authority (PEZA) does not track the inflow of actual investments made by its registered business enterprises (RBEs) since the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to determine if these are commensurate to the value of fiscal incentives that such ecozone …Read More »

Department of Finance (DOF) Assistant Secretary Juvy Danofrata has said that the FIRB welcomes the decision of Concentrix to give up its tax perks in exchange for a continued hybrid work setup for its employees. “We support the decision of Concentrix to carry on with its flexible work arrangements. We …Read More »

The Fiscal Incentives Review Board (FIRB) Secretariat has reported that the now-defunct Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil) received tax incentives amounting to P370 million in 2015 alone. This is based on their audited financial statements on their operations for 2015, earning a net taxable income of P1.234 …Read More »