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PHILIPPINE INDUSTRIES WANT RETURN OF CAPITAL EQUIPMENT TAX PERK.
MANILA, Jan 1 Asia Pulse - Domestic industries have urged Congress to restore the tax credit incentive for registered enterprises which source their machinery, equipment and spare parts from domestic manufacturers.
This was the position presented by the Federation of Philippine Industries (FPI) as Congress is poised to restore the tax and duty exemption for imports of capital equipment, machinery and spare parts by export-oriented enterprises.
Congress is also set to grant registered domestic-oriented enterprises one per cent duty and value added tax exemption.
But incentives for enterprises which source their requirement from domestic producers were scrapped under the proposed measure.
Executive Order 226 or the Omnibus Investments Code provided for a tax credit equivalent to 100 per cent of the value of the taxes and duties waived had these items been imported by registered export or domestic enterprises.
EO 226 governs the fiscal incentives granted to enterprises registered with the Board of Investments.
Fiscal Incentives on capital equipment and spare parts finally expired on December 31, 1999.
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Source: HighBeam Research, PHILIPPINE INDUSTRIES WANT RETURN OF CAPITAL EQUIPMENT TAX PERK.