REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE,
~)-) FISCAL INCENTIVES REVIEW BOARD
9 MANILA
FIRB Resolution No. 24 - 21
15 October 2021
WHEREAS, Rule 23, Section 2 of the Corporate Recovery and Tax
Incentives for Enterprises (CREATE) Act implementing rules and regulations (IRR)
authorizes the concerned Investment Promotion Agency (IPA), upon the
approval of the Fiscal Incentives Review Board (FIRB), to implement temporary
measures to support the recovery of registered business enterprises (RBEs) from
any exceptional circumstances and strengthen the nation’s capability for similar
circumstances in the future; Provided, That the temporary measures shall cover
a specific time period and only be limited to the incentives duly approved by the
concerned IPA or the FIRB, as the case may be, under the RBEs’ terms and
conditions.
WHEREAS, Rule 23, Section 3 of the CREATE Act IRR provides that the
temporary measures may cover any of the following:
a. Suspension of the export requirement;
b. Deferment of the income tax incentive availment period;
c. Movement of the start of commercial operations with full entitlement to
incentives under the terms and conditions of the registered project or
activity; or
d. Adoption of any other measure as may be reasonable to recover from
such circumstances, subject to FIRB approval upon the recommendation
of the IPA.
WHEREAS, the FIRB noted several exceptional circumstances in the
country that affect RBEs, such as Covid-19, African Swine Fever, and the Taal
Volcano eruption:
WHEREAS, the Board of Investments (BOI) is requesting the approval of
the FIRB for it to implement temporary measures for exceptional circumstances,
particularly by reason of the COVID-19 pandemic, African Swine Fever, and Taal
Volcano eruption, under Rule 23 of the CREATE Act IRR.
NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That,
the request of the BOI to implement temporary measures by reasons of the
COVID-19 pandemic, African Swine Fever, and Taal Volcano eruption, BE
APPROVED.
{/F DOF Building, BSP Complex, Roxas Boulevard, Manila 1004
Contact Nos.: 5317-6363 loc. 8854 / 85272062
website: wow firb.gov.ph * E-mail Address: firbsecretariat @ntrc.gov.ph / firasubsidy@ntrc.gov.phFIRB Resolution No. 24-21
BO!’s request to implement temporary measure
for exceptional circumstances
RESOLVED, FURTHER, That the BOI RBEs that are adversely affected by
exceptional circumstances be allowed as follows:
Particulars Temporary Measures
For RBEs that have not been able | Move the start of commercial operation
to commence commercial | and income tax holiday (ITH) incentive
operation for projects that are | reckoning date corresponding to the
still on pre-operating stage duration that the RBE pre-operation
activities have been affected or disrupted.
For RBEs that continued or |Defer their ITH incentive entitlement
suspended operations _ and | corresponding to the duration that the RBE
whose profitability are | operation has been affected or disrupted.
| adversely affected
Provided, That the RBEs shall pay the income tax due for the taxable year
covered by the deferment period. Provided, further, That the BOI’s authority to.
act under Rule 23 of the CREATE Act IRR shall be effective only until any of the
exceptional circumstances covered herein has ended or ceased to exist.
RESOLVED, FINALLY, That the BOI shall submit to the FIRB a report related
to the implementation of temporary measures under this Resolution within
fifteen (15) days following the close of each quarter in a calendar year.
This Resolution may be signed in any number of counterparts, each of
which when duly executed and sent by facsimile or electronic transmission to
the Secretariat shall be valid and effectual as if executed as an original, but all
the counterparts (including those sent by way of facsimile or electronic
transmission) shall together constitute one and the same document.
Adopted by the Board in its meeting on 15 October 2021 where a quorum
was present.
Tl E MARIE L. CANDA Be
Officer-in-Charge and Undersecretary of Budget and Management
Page 2 of 3FIRB Resolution No. 24-21
01's request to implement temporary measure
for exceptional circumstances
KARL KENDRICK T. CHUA
Socioeconomic Planning Secretary
RAMON M. LOPEZ
Co-Chairperson and Secretary of Trade and Industry
MICHAEL P. ONG
Senior Deputy Executive Secretary
CARLOS G. DOMINGUEZ
Chairperson and Secretary of Finance
Page 3 of 3REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE
FISCAL INCENTIVES REVIEW BOARD
MANILA
FIRB Resolution No. 24 - 21
15 October 2021
WHEREAS, Rule 23, Section 2 of the Corporate Recovery and Tax
Incentives for Enterprises (CREATE) Act implementing rules and regulations (IRR)
authorizes the concerned Investment Promotion Agency (IPA), upon the
approval of the Fiscal Incentives Review Board (FIRB), to implement temporary
measures to support the recovery of registered business enterprises (RBEs) from
any exceptional circumstances and strengthen the nation’s capability for similar
circumstances in the future; Provided, That the temporary measures shall cover
a specific time period and only be limited to the incentives duly approved by the
concerned IPA or the FIRB, as the case may be, under the RBEs’ terms and
conditions,
‘WHEREAS, Rule 23, Section 3 of the CREATE Act IRR provides that the
temporary measures may cover any of the following:
a. Suspension of the export requirement;
b. Deferment of the income tax incentive availment period;
c. Movement of the start of commercial operations with full entitlement to
incentives under the terms and conditions of the registered project or
activity; or
d. Adoption of any other measure as may be reasonable to recover from
such circumstances, subject to FIRB approval upon the recommendation
of the IPA.
WHEREAS, the FIRB noted several exceptional circumstances in the
country that affect RBEs, such as Covid-19, African Swine Fever, and the Taal
Volcano eruption:
WHEREAS, the Board of Investments (BOI) is requesting the approval of
the FIRB for it to implement temporary measures for exceptional circumstances,
particularly by reason of the COVID-19 pandemic, African Swine Fever, and Taal
Volcano eruption, under Rule 23 of the CREATE Act IRR.
NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That,
the request of the BO! to implement temporary measures by reasons of the
COVID-19 pandemic, African Swine Fever, and Taal Volcano eruption, BE
APPROVED.
‘4]/F DOF Building, BSP Complex, Roxas Boulevard, Manila 1004
Contact Nos.: $317-6363 loc. 8854 / 85272062
Website: www. firb.gov.ph + E-mail Address: firbsecretariat@ntrc.gov.ph / firbsubsidy@ntrc.gov.ph. FIRB Resolution No. 24-21
BOI’s request to implement temporary measure
for exceptional circumstances
RESOLVED, FURTHER, That the BOI RBEs that are adversely affected by
exceptional circumstances be allowed as follows:
Particulars Temporary Measures
| For RBEs that have not been able | Move the start of commercial operation
to commence commercial | and income tax holiday (ITH) incentive
operation for projects that are | reckoning date corresponding to the
Still on pre-operating stage duration that the RBE pre-operation
activities have been affected or disrupted.
For RBEs that continued or | Defer their ITH incentive entitlement
suspended operations and _| corresponding to the duration that the RBE
whose profitability are | operation has been affected or disrupted.
adversely affected
Provided, That the RBEs shall pay the income tax due for the taxable year
covered by the deferment period. Provided, further, That the BOI’s authority to
act under Rule 23 of the CREATE Act IRR shall be effective only until any of the
exceptional circumstances covered herein has ended or ceased to exist.
RESOLVED, FINALLY, That the BOI shall submit to the FIRB a report related
to the implementation of temporary measures under this Resolution within
fifteen (15) days following the close of each quarter in a calendar year.
This Resolution may be signed in any number of counterparts, each of
which when duly executed and sent by facsimile or electronic transmission to
the Secretariat shall be valid and effectual as if executed as an original, but all
the counterparts (including those sent by way of facsimile or electronic
transmission) shall together constitute one and the same document.
Adopted by the Board in its meeting on 15 October 2021 where a quorum
Y- was present.
TINA ROSE MARIE L, CANDA
Officer-in-Charge and Undersecretary of Budget and Management
Page 2 of 3FIRB Resolution No. 24-21
BO!’s request to implement temporary measure
for exceptional circumstances
KARL KENORICKT. CHUA 6
Socioeconomic Planning Secretary
RAMON M. LOPEZ
Co-Chairperson and Secretary of Trade and Industry
MICHAEL P. ONG
Senior Deputy Executive Secretary
CARLOS G. DOMINGUEZ
Chairperson and Secretary of Finance
Page 3 of 3Ds REPUBLIC OF THE PHILIPPINES
2) DEPARTMENT OF FINANCE
Ss FISCAL INCENTIVES REVIEW BOARD
y NAMA
FIRB Resolution No. 24 - 21
15 October 2021
WHEREAS, Rule 23, Section 2 of the Corporate Recovery and Tax
Incentives for Enterprises (CREATE) Act implementing rules and regulations (IRR)
authorizes the concerned Investment Promotion Agency (IPA), upon the
approval of the Fiscal Incentives Review Board (FIRB), to implement temporary
measures to support the recovery of registered business enterprises (RBES) from
any exceptional circumstances and strengthen the nation’s capability for similar
circumstances in the future; Provided, That the temporary measures shall cover
a specific time period and only be limited to the incentives duly approved by the
concerned IPA or the FIRB, as the case may be, under the RBEs’ terms and
conditions.
WHEREAS, Rule 23, Section 3 of the CREATE Act IRR provides that the
temporary measures may cover any of the following:
a. Suspension of the export requirement;
b. Deferment of the income tax incentive availment period;
c. Movement of the start of commercial operations with full entitlement to
incentives under the terms and conditions of the registered project or
activity; or
d. Adoption of any other measure as may be reasonable to recover from
such circumstances, subject to FIRB approval upon the recommendation
of the IPA.
WHEREAS, the FIRB noted several exceptional circumstances in the
country that affect RBEs, such as Covid-19, African Swine Fever, and the Taal
Volcano eruption:
WHEREAS, the Board of Investments (BOI) is requesting the approval of
the FIRB for it to implement temporary measures for exceptional circumstances,
particularly by reason of the COVID-19 pandemic, African Swine Fever, and Taal
Volcano eruption, under Rule 23 of the CREATE Act IRR.
NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That,
the request of the BO! to implement temporary measures by reasons of the
COVID-19 pandemic, African Swine Fever, and Taal Volcano eruption, BE
APPROVED.
ing, BSP Complex, Roxas Boulevard, Manila 1004
Contact Nos.: 5317-6363 loc. 8854 / 85272062
‘Website: woww.firb.gov.ph * E-mail Address: firbsecretariat @ntrc.gov.ph /firbsubsidy@ntre-gov.phFIRB Resolution No. 2421
BOI's request to implement temporary measure
for exceptional circumstances
RESOLVED, FURTHER, That the BOI RBEs that are adversely affected by
exceptional circumstances be allowed as follows:
Particulars Temporary Measures
For RBEs that have not been able Move the start of commercial operation
to commence commercial and income tax holiday (ITH) incentive
operation for projects that are reckoning date corresponding to the
still on pre-operating stage duration that the RBE re-operation
activities have been affected or disrupted.
Defer their ITH incentive entitlement |
corresponding to the duration that the RBE
operation has been affected or disrupted.
For RBEs that continued or
suspended operations and
whose profitability are
adversely affected
Provided, That the RBEs shall pay the income tax due for the taxable year
covered by the deferment period. Provided, further, That the BOI’s authority to
act under Rule 23 of the CREATE Act IRR shall be effective only until any of the
exceptional circumstances covered herein has ended or ceased to exist.
RESOLVED, FINALLY, That the BOI shall submit to the FIRB a report related
to the implementation of temporary measures under this Resolution within
fifteen (15) days following the close of each quarter in a calendar year.
This Resolution may be signed in any number of counterparts, each of
which when duly executed and sent by facsimile or electronic transmission to
the Secretariat shall be valid and effectual as if executed as an original, but all
the counterparts (including those sent by way of facsimile or electronic
transmission) shall together constitute one and the same document.
Adopted by the Board in its meeting on 15 October 2021 where a quorum
was present.
TINA ROSE MARIE L. CANDA
Officer-in-Charge and Undersecretary of Budget and Management
Page 2 of 3FIRB Resolution No. 24-21
BOI’s request to implement temporary measure
for exceptional circumstances
KARL KENDRICK T. CHUA
Socioeconomic Planning Secretary
RAMON M. LOPEZ
Co-Chajrperson and Secretary of Trade and Industry
oF
MICHAEL P. ONG
Senior Deputy Executive Secretary
CARLOS G. DOMINGUEZ
Chairperson and Secretary of Finance
Page 3 of 3REPUBLIC OF THE PHILIPPINES
DEPARTMENT OF FINANCE
FISCAL INCENTIVES REVIEW BOARD
MANILA
FIRB Resolution No. 24 - 21
15 October 2021
WHEREAS, Rule 23, Section 2 of the Corporate Recovery and Tax
Incentives for Enterprises (CREATE) Act implementing rules and regulations (IRR)
authorizes the concerned Investment Promotion Agency (IPA), upon the
approval of the Fiscal Incentives Review Board (FIRB), to implement temporary
measures to support the recovery of registered business enterprises (RBEs) from
any exceptional circumstances and strengthen the nation’s capability for similar
circumstances in the future; Provided, That the temporary measures shall cover
a specific time period and only be limited to the incentives duly approved by the
concerned IPA or the FIRB, as the case may be, under the RBEs’ terms and
conditions.
‘WHEREAS, Rule 23, Section 3 of the CREATE Act IRR provides that the
temporary measures may cover any of the following:
a. Suspension of the export requirement;
b. Deferment of the income tax incentive availment period;
c. Movement of the start of commercial operations with full entitlement to
incentives under the terms and conditions of the registered project or
activity; or
d. Adoption of any other measure as may be reasonable to recover from
such circumstances, subject to FIRB approval upon the recommendation
of the IPA.
WHEREAS, the FIRB noted several exceptional circumstances in the
country that affect RBEs, such as Covid-19, African Swine Fever, and the Taal
Volcano eruption:
WHEREAS, the Board of Investments (BOI) is requesting the approval of
the FIRB for it to implement temporary measures for exceptional circumstances,
particularly by reason of the COVID-19 pandemic, African Swine Fever, and Taal
Volcano eruption, under Rule 23 of the CREATE Act IRR.
NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That,
the request of the BO! to implement temporary measures by reasons of the
COVID-19 pandemic, African Swine Fever, and Taal Volcano eruption, BE
APPROVED.
‘4/F DOF Building, BSP Complex, Roxas Boulevard, Manila 1004
Contact Nos.: 5317-6363 loc. 8854 / 85272062
Website: www-firb.gov.ph + E-mail Address: firosecretariat @ntrc.gov.ph / firbsubsidy@ntrc-gov.ohFIRB Resolution No. 24-21
01's request to implement temporary measure
for exceptional circumstances
RESOLVED, FURTHER, That the BOI RBEs that are adversely affected by
exceptional circumstances be allowed as follows:
__ Particulars | Temporary Measures
For RBEs that have not been able | Move the start of commercial operation
to commence commercial | and income tax holiday (ITH) incentive
operation for projects that are | reckoning date corresponding to the
still on pre-operating stage duration that the RBE re-operation
activities have been affected or disrupted.
For RBEs that continued or|Defer their ITH incentive entitlement
suspended operations _ and | corresponding to the duration that the RBE
whose profitability _are | operation has been affected or disrupted.
adversely affected
Provided, That the RBEs shall pay the income tax due for the taxable year
covered by the deferment period. Provided, further, That the BO!’s authority to
act under Rule 23 of the CREATE Act IRR shall be effective only until any of the
exceptional circumstances covered herein has ended or ceased to exist.
RESOLVED, FINALLY, That the BO! shall submit to the FIRB a report related
to the implementation of temporary measures under this Resolution within
fifteen (15) days following the close of each quarter in a calendar year.
This Resolution may be signed in any number of counterparts, each of
which when duly executed and sent by facsimile or electronic transmission to
the Secretariat shall be valid and effectual as if executed as an original, but all
the counterparts (including those sent by way of facsimile or electronic
transmission) shall together constitute one and the same document.
Adopted by the Board in its meeting on 15 October 2021 where a quorum
was present.
TINA ROSE MARIE L. CANDA
Officer-in-Charge and Undersecretary of Budget and Management
Page 2 of 3FIRB Resolution No. 24-21
BOY’s request to implement temporary measure
for exceptional circumstances
ut
Ca]
RAMON M. LOPEZ
Co-Chairperson and Secretary of Trade and Industry 4
MICHAEL P. ONG
Senior Deputy Executive Secretary
CARLOS tenn a
Chairperson and Secretary of Finance
Page 30f3
KARL KENDRICK T. CHUA
Socioeconomic Planning Secretary