Philippines: Transfer of registration by existing registered business enterprises

FIRB Resolution No. 012-23 issued to allow existing registered business enterprises to transfer registration to Board of Investments

Transfer of registration by existing registered business enterprises

Article Posted date 29 March 2023

The Fiscal Incentives Review Board (FIRB) issued FIRB Resolution No. 012-23 [PDF 1.3 MB] (dated 3 March 2023) to extend the effectiveness of FIRB Resolution No. 026-22 until 31 January 2023, and allow the existing registered business enterprises (RBEs) in the information technology-business processing management (IT-BPM) to transfer their registration to the Board of Investments from the investment promotion agency administering an economic zone or freeport zone where their project is located.

Other points of the FIRB Resolution include the following:

  • 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 from the Department of Finance - Revenue Office 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 will remain effective, as may be applicable.

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

Read a March 2023 report prepared by the KPMG member firm in the Philippines

 

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