The Department of Finance said Friday the decision of business process outsourcing firm Concentrix to waive tax perks for work-from-home arrangement shows that such incentives are not priorities for economic zone investors.
Finance Assistant Secretary Juvy Danofrata said in a statement the Financial Incentives Review Board welcomed the decision of Concentrix to give up the tax perks in exchange for a continued hybrid work setup for employees.
“We support the decision of Concentrix to carry on with its flexible work arrangements. We respect that they are supportive of their employees who want such a work setup in this post-pandemic situation,” said Danofrata, who heads the FIRB secretariat.
“This goes to show that tax perks are not that important to investors doing business in the Philippines,” Danofrata said.
“This validates the DOF’’s policy thrust to avoid the grant of unnecessary tax incentives as this is apparently not the main consideration for them to do business in the country, especially for the business process outsourcing firms… ,” she said.