446 IT-BPM companies to shift registration to BOI
Some 446 information technology-business process management (IT-BPM) companies registered with the Philippine Economic Zone Authority (PEZA) have applied to shift their registration to the Board of Investments (BOI).
PEZA said these firms made it to the December 16 deadline imposed to submit an application. They also represent 41 percent of the 1,088 IT-BPM registered business enterprises (RBEs) in PEZA.
These companies have a combined 1,292 projects registered with PEZA where they started and have grown as export enterprises.
PEZA said it is in the process of endorsing all applications to BOI.
As of today, 70 percent of the applications have been endorsed to BOI, PEZA said.
Data released by the BOI, however, showed 786 projects have so far been endorsed by PEZA. These have a combined project cost of P98 billion.
Their transfer is in relation to the implementation of the Fiscal Incentives Review Board Resolution No. 026- 22 issued on September 14 allowing IT-BPM RBEs to adopt up to 100 percent work- from-home arrangement.
Under the guidelines, RBEs that can exercise the option to register with BOI are RBEs that have remaining tax incentives and RBEs with approved incentives on or before Sept. 14, 2022 under the Corporate Recovery and Tax Incentives for Enterprises Act.
The RBEs have until December 31 to exercise option to register with BOI.
After the lapse of the period of the remaining tax incentives, the existing registered project of the covered RBEs shall not be entitled to additional incentives, unless the activity qualifies as a new investment or qualified expansion under the Strategic Investment Priorities Plan. – Irma Isip
Source: https://malaya.com.ph/news_business/446-it-bpm-companies-to-shift-registration-to-boi/?fbclid=IwAR04Fr3TD-6ha4MBUyOOQSeztter_vZwQ8B1lnBYm5vPs3Xttxk4zI5dF90
