Philippines: Clarification of guidelines for registered business enterprises in IT sector

FIRB Advisory No. 06-2023 (5 April 2023)

FIRB Advisory No. 06-2023 (5 April 2023)

The Fiscal Incentives Review Board (FIRB) issued FIRB Advisory No. 06-2023 (5 April 2023) to clarify the supplemental guidelines on the registration with the Board of Investments (BOI) of registered business enterprises (RBEs) in the information technology-business process management (IT-BPM) sector.

Issues addressed in the advisory include:

  • Covered assets of the IT-BPM RBEs
  • Coverage of the tax exemption indorsement
  • Existing assets or assets imported as of 31 January 2023
  • New assets or assets imported beginning 1 February 2023
  • Proof of entitlement to value added tax (VAT) incentives for local assets
  • Valuation methods of the Bureau of Customs (BOC) for the sale, transfer, donation, or disposal of the related assets of the covered RBE, whether local or imported
  • BOC procedures
  • Expansion projects under Philippine Economic Zone Authority (PEZA)
  • Updating of the Bureau of Internal Revenue (BIR) registration of IT-BPM transferees

Read an April 2023 report prepared by the KPMG member firm in the Philippines



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