This covers existing projects and/or activities affected by the global economic crisis that will at least retain investments and either maintain the current number of workers, re-instate laid off workers to equal their pre-crisis number, or increase current number of workers.
Enterprises maintaining their workers applying retention schemes such as assignment of workers to tasks other than their regular tasks, reduction of working hours, etc. may be qualified.
Workers shall refer to personnel directly engaged in the registered activity excluding lie supervisors, warehouseman, quality control personnel outside the production line, utility and maintenance personnel and subcontracted labor.
The determination of the number of workers to be maintained is on the basis of number of workers before the enterprise was affected by the crisis. For this purpose, the firm shall submit proof showing the number of workers before the 2008 global economic crisis and the current workers at the time of application such as certified true copies of SSS contribution payment return and BIR form 1601-c.
For purposes of Income Tax Holiday under the Contingency List, start of commercial operation shall be the date when a particular enterprise actually begins generating positive Earnings Before Interest, Taxes and Depreciation Allowances (EBITDA).
To qualify for registration under this list, the enterprise must prove that its operation has been affected by the global economic crisis impairing its viability as reflected in its Audited Financial Statements. The board may, however, consider other factors that will establish the casual link between the present condition of the enterprise vis-a-vis the global economic crisis.
BOI-registered enterprises shall waive their remaining incentives provided for under their existing registration in order to qualify for the applicable incentives under this List.
Triple i will determine if a project qualifies, and register with the BoI for tax incentives:
• Preparation of your BoI application documents
• Philippines Office Set-up
• Completion and Awarding of BoI certificate
• Ongoing accounting works quarterly with BoI
Visit the Board Of Investments BoI, Check out 2010 Investment Priorities Plan to see which businesses can avail of tax incentives