Cebu Association of Rural Banks
Cebu Fashion Accessories Manufacturers and Exporters (Cebu FAME)
Cebu Truckers Association, Inc.
Philippine Association Of The Detective & Protective Agency Operators (PADPAO), Region 7 Chapter Inc.
https://boi.gov.ph/wp-content/uploads/2018/02/EO-226-omnibus-investments-code.pdf
https://mirror.officialgazette.gov.ph/downloads/2021/12dec/20211210- RA-11595-RRD.pdf
The Republic Act No. 11595 ("RA 11595"), otherwise known as 'An Act amending Republic Act No. 8762 or the Retail Trade Liberalization Act of 2000 (RTLA) was signed on 10 December 2021 by President Rodrigo Duterte, and took effect on 21 January 2022.
The law mandates the lowering of paid-up capital requirement for foreign retail enterprises and other purposes.
https://www.officialgazette.gov.ph/2022/03/ 02/republic-act-no-11647/
The Republic Act No. 11647 otherwise known as “Act Promoting Foreign Investments, Amending Thereby Republic Act No. 7042, Otherwise Known As The “Foreign Investments Act OF 1991,” as amended for other purposes was signed on 2 March 2022 by President Rodrigo Duterte.
RA No. 11647 is designed to attract, promote and welcome foreign investments in the country by allowing international investors to establish and fully own domestic enterprises (including micro and small enterprises) in the Philippines.
Foreign nationals can own an MSME with a minimum paid-in capital of US$100,000 as long as the following conditions are met
To spearhead the promotion and facilitation of foreign investments, an Inter-Agency Investment Promotion Coordination Committee (“IIPCC”) was formed under RA No. 11647. The IIPC is mandated to create a comprehensive and strategic Foreign Investment Promotion and Marketing Plan (“FIPMP”). This will be led by the Department of Trade and Industry (“DTI”), with DTI Secretary as a Chairperson.
However, to protect national interests, the President of the Philippines has the power to instruct IIPCC to review foreign investments that may threaten safety, security, and well-being of Filipinos, e.g. cyber infrastructure, military-related industries, and pipeline transportation
https://www.officialgazette.gov.ph/2022/03/ 21/republic-act-no-11659/
The Public Service Act, As Amended Republic Act (RA) No. 11659 or "An Act Amending Commonwealth Act No. 146 otherwise known as the Public Service Act” as amended was signed by the President on 21 March 2022.
Under the law, public services defined as telecommunications, railways, expressways, airports, and shipping industries will be allowed to have up to 100 percent foreign ownership,
To protect the country against national security concerns, the law also provides the following provisions:
The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act was signedinto law on 26 March 2021. It is designed to have a tax incentives regime that isperformance-based, time-bound, targeted and transparent. It is intended to provideprivate enterprises with approximately 1 trillion pesos worth of tax relief over the next 10years. Among its salient points is the reduction of corporate income taxes (CIT). Underthe law and its IRR, CIT of MSMEs will be reduced from 30 percent to 20 percent, whilelarge corporation are able to enjoy a reduction of 25 percent from 30 percent.
Qualified activities or projects can also enjoy an incentives package for a maximum of 17 years
Corporate Income Tax
25% for Large Enterprises
20% for Small, Medium Enterprises
5% Special Corporate Income Tax (CIT) rate in lieu of national and local taxes OR Enhanced Deductions for export-market enterprise
Enhanced Deductions for domestic market enterprises
Below the numbers and text add: For complete and detailed list of incentives please visit, https://firb.gov.ph/incentives-available/
Under the law, the Fiscal Incentives Review Board (FIRB), or the IPAs will grant incentives to registered business enterprises only to the extent of their location and their approved registered project or activity under the Strategic InvestmentPriority Plan.
The 2022 Strategic Investment Priority Plan was approved and signed on 24 May 2022.The following are the list of priority activities:
Tier 1: All activities listed in the 2020 Investment Priorities Plan as amended by Memorandum Circular No. 2021-005: 20201118-MO-50-RRD.pdf unless listed under tiers 2, and 3.
Green ecosystems, health related activities, defense, related activities, industrial value-chain gaps, food security related activities
Research and development and activities adopting advanced digital production technologies, highly technical manufacturing and production of innovation products and services, establishment of innovation support facilities, such as incubator and accelerators hub, etc.
For more information visit: https://www.bir.gov.ph/
Source: https://www.securitybank.com/blog/how-to-register-your-online-business-in-bir-and-dti/
For more information visit: https://www.bir.gov.ph/
Source: https://www.securitybank.com/blog/how-to-register-your-online-business-in-bir-and-dti/
Philippine State College Of Aeronautics-Mactan Air Base 82 Professional Academy Of The Philippines
Click hereCebu School Of Midwifery
Central Philippine Bible College College
Centre For International Education Global Colleges
Click hereHoly Trinity College
Northeastern Cebu Colleges
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