Saturday, September 23, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Special Pages
    • Pets
    • Tech
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • On the Road
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Cravings
    • Environment & Sustainability
    • Agriculture
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
    • Gallery
      • Photos
      • Videos
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

DOF: BPOs may choose WFH setup or tax perks

Manila StandardbyManila Standard
March 23, 2022, 6:55 pm
in Economy & Trade
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

Business process outsourcing companies may choose between work-from-home arrangements or the tax incentives they enjoy as locators in economic zones, Finance Secretary Carlos Dominguez III said Wednesday.

Dominguez said information technology-business process management companies registered with investment promotion agencies should comply with conditions in operating in ecozones to continue enjoying incentives, but are free to adopt WFH arrangements.

“IT-BPM companies in ecozones are allowed to adopt WFH arrangements. No one is prohibiting them or impinging on their management prerogative to continue implementing their WFH setups. However, they must give up the tax incentives they currently enjoy because the law is clear on this,” he said.

Companies registered with an investment promotion agency such as the Philippine Economic Zone Authority enjoy incentives such as an income tax holiday or a 5-percent special corporate income tax in lieu of all taxes, such as value added tax, income tax and local business tax.

As a condition for enjoying these incentives, they have to comply with Section 309 of the Tax Code which states that “a qualified registered project or activity under an investment promotion agency administering an economic zone or freeport shall be exclusively conducted or operated within the geographical boundaries of the zone or freeport being administered by the investment promotion agency in which the project or activity is registered.”

Dominguez said it would also be unfair to other companies outside ecozones that are paying regular taxes. “Other companies such as micro, small and medium enterprises pay the regular corporate income tax rate of 20 percent, while big corporations pay 25 percent,” Dominguez said.

The Fiscal Incentives Review Board, chaired by Dominguez, issued Resolution No. 19-21 on Aug. 2, 2021 allowing registered business enterprises of the IT-BPM sector to continue implementing WFH arrangements without adversely affecting their fiscal incentives under CREATE until March 31, 2022.

Being a time-bound measure, the FIRB rejected the request to extend the said resolution.

Dominguez said the increasing vaccination rate of Filipinos nationwide now allows companies to undertake safe measures to let their employees physically report for work in their respective offices, especially if their workplaces are in Alert Level 1 areas.

“In fact, even the President has ordered all government agencies to adhere to the 100-percent on-site workforce in areas under Alert 1 level,” he said.

Dominguez said that by returning to work in their respective offices, the IT-BPM firms would be helping not only the economy recover, but also MSMEs that provide support to these companies, such as convenience stores, food and service providers and transport services in the respective ecozones’ vicinity.

He said President Rodrigo Duterte’s economic team highlighted the importance of fully opening up and increasing the productivity of the economy to bounce back from the pandemic and offset the external risks spawned by the Russia-Ukraine crisis.

“We hope that IT-BPM companies registered with the IPAs can support us in this whole-of-nation effort of helping Filipinos recover from the pandemic and easing the impact on them of the current crisis,” Dominguez said.

Tags: BPObusiness process outsourcingDepartment of FinanceFinance Secretary Carlos Dominguez IIItax incentiveswork-from-home
ADVERTISEMENT
Manila Standard

Manila Standard

Related Posts

Economic team downplays Pahayag survey results

byManila Standard Businessand1 others
September 22, 2023, 4:19 pm
0
8
DBCC maintains 2023 GDP growth forecast despite global headwinds

The government's economic managers downplayed on Friday the outcome of a survey showing that economic headwinds hurt the ratings of...

Read more

Economic headwinds hurt Marcos, Cabinet ratings

byManila Standard Business
September 22, 2023, 10:26 am
0
8
Economic headwinds hurt Marcos, Cabinet ratings

Economic difficulties, including the growth slowdown to 4.3 percent in the second quarter, and rising oil and commodity prices adversely...

Read more

BSP still hawkish—Remolona

byJulito G. Rada
September 22, 2023, 10:12 am
0
8
AI likely to augment rather than destroy jobs—UN study

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said Friday an interest rate hike is possible in November 2023 and...

Read more

DTI endorses SteelAsia’s new mill in Batangas for faster approval

byOthel V. Campos
September 21, 2023, 9:30 pm
0
8
Study: PH, Japan have $49-b untapped trade potential

The Department of Trade and Industry said Thursday it endorsed the 500,000-metric ton section mill of SteelAsia Lemery Works Inc....

Read more

US Fed pauses rate hikes but predicts longer time for inflation to cool down

byAFP
September 21, 2023, 8:50 pm
0
8
Banaag assumes post as Bright Kindle director

WASHINGTON, United States—The US Federal Reserve voted Wednesday to hold interest rates at a 22-year high while predicting that lending...

Read more

ADB cuts Philippines growth forecast to 5.7%

byJulito G. Rada
September 20, 2023, 2:28 pm
0
8
Food stamps tack eyed via ADB aid

The Asian Development Bank said Wednesday its downgraded its 2023 growth forecast for the Philippines to 5.7 percent from 6...

Read more

Print Edition

View More

Recent Posts

  • Caloocan holds 10th Mega Job Fair
  • Malaysia to boost collaboration with PH on halal, digitalization
  • PH, US, Japan boost security cooperation in Indo-Pacific
  • Maynilad assures customers of enough supply this year, begins water recycling
  • PBMM: Bagong Pinas Serbisyo Fair to bring new hope, beginnings
  • DOST to conduct HANDA Pilipinas DRRM expo in Cagayan de Oro
  • Lazada ‘mompreneur’ turns P2,000 into multi-millions
  • Cops arrest 2 drug suspects in Muntinlupa, seize P3.5-M in shabu

Advertisement

Latest News

DOST to conduct HANDA Pilipinas DRRM expo in Cagayan de Oro

byManila Standard
September 23, 2023, 2:27 pm
0
8
DOST to conduct HANDA Pilipinas DRRM expo in Cagayan de Oro

The Department of Science and Technology is set to conduct HANDA Pilipinas: Innovations in Disaster Risk Reduction and Management (DRRM)...

Read more

Lazada ‘mompreneur’ turns P2,000 into multi-millions

byManila Standard Business
September 23, 2023, 2:27 pm
0
8
Lazada ‘mompreneur’ turns P2,000 into multi-millions

In the bustling world of e-commerce, where competition is fierce and success is often hard to achieve, one Lazada “mompreneur”...

Read more

Cops arrest 2 drug suspects in Muntinlupa, seize P3.5-M in shabu

byJoel E. Zurbano
September 23, 2023, 2:20 pm
0
8
QC expands free testing program for COVID-19

The continuing police crackdown on illegal drugs in southern Metro Manila yielded significant results Friday night with the arrest of...

Read more

Kamala Harris tasked with new role fighting US gun violence

byAFP
September 23, 2023, 12:00 pm
0
8
Kamala Harris leads high-level US team to meet new UAE leader

US Vice President Kamala Harris took on a new role Friday fighting gun violence, a job likely to give her...

Read more

Philhealth’s Official Statement on Temporary System Downtime

byManila Standard
September 23, 2023, 10:05 am
0
8
Hospitals group urges members to set ‘PhilHealth holiday’ protest

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
    • Young Life
  • Pets
  • Tech
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Cravings
  • Environment & Sustainability
  • Agriculture
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Gallery
    • Photos
    • Videos
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App