New registration system for tax incentives to lure investments

According to the chairman of the House Ways and Means Committee J, the newly-launched Fiscal Incentives Registration and Monitoring System (FIRMS), a registration portal for investors who wish to avail of tax incentives in the country, is expected to make applications for the incentives more convenient and transparent. The portal was launched in line with the provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, which aims to increase investments in the country. Other than the benefits the portal offers investors by making the application process easier, FIRMS is also expected to hold investors accountable in meeting the commitments they made, such as generating jobs and yielding enough economic returns. Lastly, FIRMS will make tax incentive applications more accessible to smaller enterprises that cannot maintain local agents who process the enterprises’ applications on their behalf.

 

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