Legal BlogTax Incentives for Business in the Philippines

August 2, 20120
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With the launch of the new and improved worldwide tourism campaign of the government spearheaded by no less than the President of the Philippines Benigno “Noynoy” C. Aquino Jr., it is expected that foreign tourist arrival will multiply in the coming years. With the expected influx of tourist, the government also foresees the possibility of increase in demand for at par quality tourism enterprises.

With that, investment friendly schemes were put in place to encourage local and foreign investors to explore the possibility of investing in the tourism sector. The Tourism Infrastructure and Enterprise Zone Authority or TIEZA (formerly Philippine Tourism Authority), an attached agency to the Department of Tourism, is mandated to designate, regulate and supervise the Tourism Enterprise Zones (TEZ) as well as develop, manage and supervise tourism infrastructure projects in the country. It shall supervise and regulate the cultural, economic and environmentally sustainable development of TEZs toward the primary objective of encouraging investments therein. Similar to registration in the Philippine Economic Zone Authority (PEZA), TIEZA registered TEZ or operator enjoys fiscal and non-fiscal incentives as well.

Investors may avail of the Fiscal Incentives and Non-Fiscal Incentives which includes, but are not limited to, the following:

  1. Income Tax Holiday of up to six (6) years;
  2. Exemption to national and local taxes, customs duties on importation of capital investment and equipment, etc.;
  3. Employment of aliens for executive, supervisory, technical or advisory position;
  4. Special Investor’s Resident Visa;
  5. Repatriation of investments, right to remit earnings at the exchange rate prevailing at the time of remittance; and
  6. Long term leasehold of real properties, among others.

 

With our experience in investment consultancy services in PEZA, BOI and in other government agencies, Triple i Consulting is ready to extend expert assistance to aspiring local and foreign investors who would like to enjoy the benefits of TIEZA registration.

Judah Z. Hirsch
Managing Director

12F Sagittarius Building, 111, H.V. Dela Costa Street
Salcedo Village, Makati City 1227
T: +632 856 9631
E:info@tripleiconsulting.com; W: https://www.tripleiconsulting.com

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