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Extending TIMTA Submission until November 15, 2016

Last December 9, 2015, former President Benigno Aguino passed and approved RA 10708 or TIMTA intending to monitor and evaluate the incentives granted by Investment Promotion Agencies (IPAs) such as Philippine Economic Zone Authority (PEZA) and Board of Investments (BOI) to various companies. Fiscal incentives granted includes income tax holidays, investment allowances, accelerated depreciation, reduced corporate income taxes, and exemptions from indirect taxes.

Notwithstanding the oppositions brought about by the passage of TIMTA specifically on the authority of the Bureau of Internal Revenue (BIR) to impose requirements prior the award of incentives, PEZA issued on August 4, 2016 Memorandum Order (MO) No. 2016-003 requiring companies to submit Annual Tax Incentives Report of Registered Business Entity on or before September 15, 2016.

However in September 2016, PEZA issued Memorandum Circular No. 2016-035 and Joint Memorandum Circular No. 01, Series of 2016, extending the deadline for submission of Annual Tax Incentives Report on or before November 15, 2016.

Henceforth, BOI and PEZA registered enterprises and alike, whose availing fiscal incentives, are mandated to submit the first TIMTA reportorial requirements on or before said date.

Click here to view PEZA MC No. 2016-035 for your reference.