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Manila Bulletin devider Business devider Over 500 firms face cancelled BOI registration

Over 500 firms face cancelled BOI registration

Published Nov 16, 2022 05:12 pm

More than 500 enterprises registered with the Board of Investments (BOI) are facing cancellation of their certificates of registration for failure to submit annual financial and actual operations reports.

A notice by the BOI published in a newspaper of general circulation requires the identified 570 companies to provide an “explanation as to why their respective Certificates of Registration (CRs) should not be cancelled and deleted” from the Board’s Book of Registry within 15 days from publication of the notice on Wednesday, Nov. 16.

BOI said the 570 registered firms failed to submit any of three required reportorial documents -- annual report on actual operations, annual audited financial statements, and annual income tax return.

Based on record, the identified firms failed to submit any of the abovementioned reports for their registered projects for at least three consecutive years.

Article 7 of Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987, as amended, empowers the BOI to periodically check and verify the compliance of its registered enterprise with the provisions of EO 226, its Implementing Rules and Regulations (IRR), and terms and conditions of registration.

The same Article 7 of the EO also provides that BOI, after due notice, may cancel the registration of enterprises for failure to maintain the qualifications for registration or for violation of EO 226, its IRR or the terms and conditions of registration.

BOI registered enterprises are entitled to a set of tax and fiscal incentives, including income tax holiday and zero duty importation of capital equipment, among other perks.

The non-compliant enterprises are engaged in agriculture, steel mills, housing developers, shipping, hospitality, mining, transportation, garments, hospital, chemicals, among others.

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BOI Certificates of Registration Executive Order No. 226
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