Finance Secretary Benjamin E. Diokno and Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual approved the amendment to the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to resolve the value-added tax (VAT) issues raised by transitory registered business enterprises …Read More »

The Department of Finance (DOF), together with the Addis Tax Initiative (ATI), called for stronger inter-agency cooperation to reduce wasteful tax expenditures and boost trust in the tax system for more effective revenue mobilization. “We are one with the ATI in advocating for a robust inter-agency cooperation on tax expenditures, improving taxpayers’ …Read More »

The Department of Finance (DOF) welcomed the decision of the Supreme Court affirming the constitutionality of the Tax Reform for Acceleration and Inclusion (TRAIN) Act amid petitions claiming the law to be “anti-poor” and unlawful. The Supreme Court dismissed the petitioners’ “anti-poor” argument on the grounds of being largely hypothetical …Read More »

The Fiscal Incentives Review Board (FIRB) is finalizing the guidelines on the suspension or withdrawal of tax incentives, and the cancellation of project or activity registration applicable to all registered business enterprises (RBEs). The guidelines are meant to provide uniform rules for imposing penalties on non-compliant RBEs. FIRB’s power to …Read More »

The Fiscal Incentives Review Board (FIRB) announced that the deadline for the transfer of existing registered business enterprises (RBEs) in the Information Technology and Business Process Management (IT-BPM) sector to the Board of Investments (BOI) has been extended until January 31, 2023. The inter-agency board cited in FIRB Resolution No. …Read More »

The Fiscal Incentives Review Board (FIRB) approved the tax incentives application of TDK Philippines Corporation (TPC) for the manufacturing of microwave-assisted magnetic recording sliders (MAMR-Slider). The P2.5 billion project was the first Philippine Economic Zone Authority (PEZA) endorsed application that the FIRB approved. In the FIRB’s 17th meeting on November …Read More »

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 »