CY 2007 - DTI BOI Hold Public Consultation Re Income Tax Holiday Incentives for Enterprises (Feb. 8)

The Department of Trade and Industry will hold a public consultation this coming Thursday in relation to the proposed Memorandum of Agreement between the Board of Investments (BOI) and the Bureau of Internal Revenue (BIR) instituting the mechanism for the claim of income tax holiday (ITH) incentives for enterprises.

The public consultation will be conducted on February 8, 1:30 in the afternoon at the Social Hall, Sacred Heart Center, Jakosalem Street, Cebu City.

All BOI-registered enterprises entitled to ITH, especially for calendar year 2006 and fiscal year 2007 onwards, are required to attend.

A copy of the proposed BIR-BOI MOA can be found in the BOI website at www.boi.gov.ph

Based on the proposed MOA, BOI and BIR shall coordinate and work closely to ensure effective monitoring of tax incentive availments by BOI-registered enterprises, and provide documents, records and such other valuable information relevant to the ITH claims.

BOI and BIR shall also assist one another in the implementation of strategies to enhance tax enforcement and collection efforts towards an efficient tax incentives system. (ends)