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Manila Bulletin devider Business devider FIRB returns pending tax incentive applications below P15 billion to IPAs

FIRB returns pending tax incentive applications below P15 billion to IPAs

Published Feb 19, 2024 11:03 pm

The Department of Finance (DOF) said that all pending tax incentive applications that were previously referred to the Fiscal Incentives Review Board (FIRB) but do not meet the new investment capital threshold will be returned to the Investment Promotion Agencies (IPAs).

According to the DOF, this action is in line with FIRB Resolution No. 003-24 dated Feb. 2, which increased the threshold for investment projects subject to review by the interagency body from P1 billion to P15 billion.

“All pending applications for tax incentives previously endorsed by IPAs to the FIRB involving investment capital of P15 billion will be returned to the respective IPA for necessary actions,” the DOF said.

“The IPAs will now incorporate approved projects with investment capital of P15 billion and below in their monthly reports to the FIRB Secretariat,” it added.

Applications for tax incentives involving investment capital exceeding P15 billion, meanwhile, will continue to be handled by the FIRB, the DOF said.

On Monday, Finance Secretary Ralph G. Recto said raising the threshold will enhance the ease of doing business and foster an environment that is conducive to investment.

“IPAs play a vital role in attracting more productivity-enhancing investments to the country, and we will continue to support them by acting fast on measures that will further promote ease of doing business and cultivate an investment-friendly climate," Recto said in a statement.

Under the previous setup, IPAs were responsible for approving incentives for projects with investment capital below P1 billion, while the FIRB was tasked with selecting tax perks for projects exceeding P1 billion, as mandated by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.

Under the law, the FIRB has the authority to increase the threshold without amending the Tax Code.

The recent adjustment aligns with policy proposals in Congress, which seek to empower IPAs with greater authority in granting incentives, the DOF said.

Additionally, the DOF said the change will strengthen the IPAs’ role and accountability in overseeing the country’s incentive system and ensuring consistent compliance among registered business enterprises (RBEs), regardless of their investment capital.

Moreover, the revised threshold aligns with the Public-Private Partnership (PPP) Code of the Philippines, which mandates that PPP projects amounting to P15 billion or more must gain approval from the National Economic and Development Authority (NEDA) Board.

Nevertheless, the FIRB, in collaboration with IPAs, retains the authority to oversee the compliance of all registered business entities with their performance commitments, irrespective of the investment capital amount.

Related Tags

Tax incentives ralph recto Fiscal Incentives Review Board (FIRB) Finance Secretary
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