Fiscal Incentives Approved for Tourism Enterprise Zone Investors

The Bureau of Internal Revenue has issued the guidelines on the grant of fiscal incentives to businesses and operators inside tourism enterprise zones (TEZs). Investors and enterprises can apply for incentives under the new regulation. They can choose among a six-year tax holiday, or a five percent preferential tax on gross income in lieu of national taxes (except for real property tax), or a net operating loss carry over (NOLCO) scheme. They can also be granted import tax exemptions for capital goods and equipment, and for…

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