PEZA extends ITH of Taal-affected firms


By BERNIE CAHILES-MAGKILAT

The Philippine Economic Zone Authority (PEZA) has moved to extend availments of income tax holiday (IHT) of companies affected by the Taal Volcano eruption to aid these firms during their recovery period.

PEZA Director General Charito B. Plaza said this means that PEZA will “stop the clock” or suspend the reckoning period of ITH availment during the period where company operations had been disrupted. PEZA-registered firms are entitled to four years and maximum of 8-year ITH.

With the suspension of the ITH reckoning, affected PEZA firms would enjoy extended ITH or longer ITH from their remaining entitlement.

In addition, PEZA will also prioritize duty-free importation of capital equipment and parts to replace or repair damaged machineries. PEZA also extended duty-free importation of face masks for their own use.

Plaza said this policy would be adopted for all its registered enterprises in times of natural and man-made calamities.

As part of future contingency measure, PEZA Deputy Director-General Theo Panga said they are looking at other airports like Laoag as contingency measure for the shipments of products should alternative airports such as Clark and Subic are affected.

Board of Investments Managing Head Ceferino S. Rodolfo said they are coordinating with toll operators particularly the STAR Toll in Batangas for the bay linking to the South Luzon Expressway and the connectivity of the ports for concerns on shipping of goods from the affected areas to their respective destinations.