The Philippine Economic Zone Authority on Wednesday assured registered business enterprises in economic zones that they would continue to enjoy
value-added tax exemption despite the confusion over recent issuances by the Bureau of Internal Revenue.
“Thus, it is clear that the SCT accorded to the ecozones as originally contained in the PEZA law, including the Clark and Subic Freeport Zones, and retained in the CREATE law, did not render inoperative the CBD for VAT purposes. It is only in the CREATE IRR and BIR RMC provisions that made such a ruling, thus the same are inconsistent with the CREATE,” Panga said.
He said investment promotion agencies and economic zones welcomed the President’s order to concerned agencies to revisit the tax incentives law.
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