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Investment Promotion Agencies (IPAs)
Government entities created by law, executive order, decree or other issuance in charge of promoting investments, granting & administering tax & non-tax incentives & overseeing operations of different economic zones and Freeport
Income generated from a registered project or activity
ITH shall be limited to ___.
4 to 7 years depending on location & industry priorities
Period of availment of ITH for both Export Enterprises (EEs) and Domestic Market Enterprises (DMEs)
5% on Gross Income Earned in lieu of all national & local taxes
Special Corporate Income Tax (SCIT) Rate for Export Enterprise
Expiration of ITH
SCIT is available only after ___.
Gross Sales/Revenue - Sales Discounts/Returns/Allowances - Cost of Sales
Computation of Gross Income
3% to National Government; 2% to Treasurer's Office of municipality or city where enterprise is located
Allocation: 5% SCIT is paid and remitted as follows ___.
+ 10% for buildings & + 20% for machineries & equipment
Enhanced Deduction (ED): Depreciation on qualified capital expenditures
+ 50%
ED: Labor expense
+ 100%
ED: Research and development expense
+ 100%
ED: Training expense
+ 50%
ED: Domestic input expense
+ 50%
ED: Power expense
Max. 50% within 5 years from time of reinvestment
ED: Reinvestment allowance to Manufacturing Industry
* Reinvests undistributed profits & surplus in any projects/activities listed in SIPP
May be deducted within the next 5 years immediately following year of loss
ED: NOLCO for the first 3 years
Application for registration
Option to avail either SCIT or ED after ITH shall be exercised at the time of ___.
Additional 2 years of ITH
ITH for projects or activities located in areas recovering from armed conflict or a major disaster
Additional 3 years of ITH
ITH for projects or activities relocating from the NCR
Expiration of initial ITH
Projects/activities Relocating from NCR: For existing project/activity registered under this ACT, additional 3 years shall commence after ___.
Expiration of transition period
Projects/activities Relocating from NCR: For existing project/activity under the transition period of this ACT, additional 3 years shall commence after ___.
Certificate of Entitlement to Tax Incentives (CETI)
Proof of entitlement to additional 3 years of ITH
3 years
The industry & locational prioritization shall be subject to review and revision every ___.
Custom duties
The importation of capital equipment, raw materials, spare parts & accessories shall be exempt from ___.
Net book value
Customs Duty Exemption: If sold, transferred, or disposed within the first 5 years from date of importation, the RBE shall be required to pay duties based on the ___.
Twice the amount of duty exemption
Customs Duty Exemption: If RBE sells, transfers, or disposes without prior approval of concerned IPA, the RBE and vendee, transferee or assignee shall be solidarity liable to pay ___.
Amount corresponding to exempt duties on importation.
Customs Duty Exemption: If used for a non-registered project/activity within the first 5 years from date of importation, the RBE shall pay ___.
In proportion to utilization in non-registered project/activity
Customs Duty Exemption: If part-time utilized in a non-registered project/activity, the amount corresponding to the duties exempt shall be paid ___.
VAT Exemption & VAT zero-rating
VAT Exemption: ___ on importation & ___ on local purchases.
True
True or False: Importation of petroleum products shall be subject to payment of applicable duties & taxes upon importation into Philippine customers territory and/or into free zones.
Direct export such as sale to international carriers or sea vessels engaged in international trade
Importer of petroleum products can file claims for refund of duties & taxes for ___.