Monday, June 30, 2008 [ manilatimes.net ]
NEXT to sham mass housing projects, the Department of Finance has cautioned the Board of Investments (BOI) against double registration of some businesses located in Freeport zones.
A finance official said that aside from duty exemptions on all their importations, some enterprises also enjoyed the tax incentives and other perks given by the BOI.
Under the law, businesses located at Freeport zones enjoy duty exemptions while BOI-registered firms are given income tax holidays. Republic Act 9400 prohibits double registration.
The official said the quick passage of the fiscal incentives rationalization bill, which aims to remove redundant tax breaks investors enjoy, is necessary to minimize if not eliminate double registration.
Last week, the same finance official said the BOI should desist from granting tax incentives to condominium projects as this results in more government revenues lost.
The Arroyo adaministration is hard-pressed scrounging for revenues to finance its plan to jack up spending aimed at cushioning the impact of high inflation and an economic slowdown. -- Chino S. Leyco
________________________________________________________________________
