The newly-reconstituted Fiscal Incentives Review Board expects to complete the implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises Act by the third week of May, or around two months ahead of the 90-day deadline set under the law, the Department of Finance said over the weekend.
Chaired by Finance Secretary Carlos Dominguez III, the board of FIRB had its first meeting on April 14, or three days after the effectivity of the CREATE law on April 11, to discuss broader functions and the proposed set of industries that are qualified to get generous tax breaks in the upcoming Strategic Investment Priority Plan.
The FIRB, which is co-chaired by Trade Secretary Ramon Lopez, agreed to set May 17 as the target date for signing of the IRR, which covers the expanded functions of the board and the fresh menu of tax incentives available to investors and enterprises under this law.
“If you can finish it in less than 30 days, the better. Let everybody focus on this date (May 17),” Dominguez told members of the FIRB present during the meeting.