Special InTAX: March 2023 Issue 1 | Volume 3

Fiscal Incentives Review Board

The Fiscal Incentives Review Board (FIRB) issued FIRB Resolution No. 012-23 dated 03 March 2023, to extend the effectivity of FIRB Resolution No. 026-22 until 31 January 2023. This allows the existing registered business enterprises (RBEs) in the Information Technology – Business Processing Management (IT-BPM) to transfer their registration to the Board of Investments (BOI) from the investment promotion agency (IPA) administering an economic zone or freeport zone where their project is located.

Other salient points of the FIRB Resolution are as follows:

• The RBEs in the IT-BPM sector are allowed to move equipment and other assets outside the economic zone or freeport zone, without posting any bond until existing RBEs secure the Tax Exemption Indorsement (TEI) from the Department of Finance – Revenue Office (DOF-RO) for all their equipment and other assets or until 30 June 2023*, whichever is earlier.
• The provisions of FIRB Resolution No. 033-22, FIRB Administrative Order No. 001-2023 and other related issuances shall remain effective, as may be applicable.

Please click on the link for the full text of the issuance: FIRB Resolution No. 012 - 23

*Note: The bond-free period is formerly until 31 March 2023 pursuant to the FIRB Resolution No. 033-22.