HowBOI keeps registered firms updated on nBOI conducts compliance information driveew policies and guidelines

In charge of offering tax incentives to local and foreign businesses in the Philippines, the Philippine Board of Investments (BOI) is keen to make sure all its registered firms are up to date with the latest policies and guidelines. As a result, the agency has been busy with its compliance information drive.

Since the year started, BOI’s Legal and Compliance Service department has successfully completed three information drives in Makati, Cebu, and Davao. These drives had a great turnout, with over 350 representatives from various BOI-registered firms in attendance.

In these information drives, the following topics were discussed:

Here are some of the topics discussed during these learning sessions:
  • Registered business enterprises and how they compliedCompliance of BOI-registered firms with the BOIagency’s terms and conditions
  • Guidelines on the submissionSubmission guidelinesoffor reportorial requirements
  • Updates on the modified board policiesBoard policy updates

Attendees were also given the microphone to ask questions and raise their concerns. These compliance information drives also let registered business enterprises (RBEs)ask questions regarding BOI registrations.

“We appreciate that the BOI is regularly conducting events like this, not only in Metro Manila, but [in other regions as well] to keep us informed on how we can ensure that our BOI registrations are in good standing,” remarked one participant.

The importance of compliance information drives

Since BOI-registered firms are spread across the country, it can be hard to disseminate information. That’s where compliance information drives come in.

“Compliance information drives such as this are very important so we increase compliance rate of BOI-registered firms which then will translate investment commitments into realized investments, which are mostly labor-intensive and socially relevant, creating the much needed jobs and improving the lives of the Filipino people,” said Trade Undersecretary and BOI Managing Head Ceferino Rodolfo.

In short, compliance information drives create an avenue where BOI-registered firms can get all the information they need to comply with agency guidelines. And when the compliance rate is high, BOI can use the data to improve inter-agency processes and help create policies that are beneficial to the registered firms.

“With these series of learning sessions, we aim to raise awareness and instill diligence upon the BOI-registered firms to comply with the terms and conditions of their projects, including submission of reportorial requirements,” said Atty. ElyjeanPortoza, OIC Director of the Legal and Compliance Service team.an investment promotion agency under the Department of Trade and Industry(DTI) that offers tax incentives to local and foreign businesses in the Philippines. These incentives range from fiscal incentives and non-fiscal incentives like income tax holidays and exemptions from local business taxes.

Filipino enterprises can register their investment projects with BOI if the project falls under the Investment Priorities Plan (IPP). This IPP, which is prepared annually, contains a list of investment activities that qualify for incentives.

Just like any other government agency, the BOI has its fair share of updated guidelines, rules, and processes. That’s why the agency has created the compliance information drive.

Compliance information drive for BOI-registered businesses

To keep registered firms updated and well-informed on the latest policies and guidelines, BOI has started a series of compliance information drives. These information drives educate BOI-registered businesses and teach them about the importance of abiding by the rules, policies, and requirements of BOI.

Three batches of information drives were already conducted by BOI’s Legal and Compliance Service in the first quarter of 2019. The information drives were conducted in Makati, Cebu, and Davao, with more than 350 representatives from BOI-registered firms in attendance.

Scope of compliance information drives
Here are some of the topics discussed during these learning sessions:
  • Registered business enterprises and how they complied with the BOI terms and conditions
  • Guidelines on the submission of reportorial requirements
  • Updates on the modified board policies

These compliance information drives also let registered business enterprises (RBEs) ask questions regarding BOI registrations.

Impact of BOI-registered investment projects

One of the main topics highlighted during these BOI compliance information drives is wasthe influence of BOI-registered investment projects on the Philippine economy.

Due to its increase in numbers (there wereWith approximately 15,000 projects spread across the country registered with the theBOI last December 2018), it’s undeniable that these projects have been a huge help in boostingspreading economic activity, especially in the areas outside Metro Manila.

BOI-registered investment projects have also allowed industries like manufacturing to expand their capabilities.

How to register with BOINot yet registered with the BOI?

We can help you register your company and, as a result, enjoy the full benefits that come with being a BOI-registered firm. Click here to learn more about BOI registration requirements and other related information.Filipino businesses may register their investment project with BOI provided that the activity is included in the current IPP. These domestic-oriented activities can be pioneer (activities that involve manufacturing, processing, agricultural) or non-pioneer.

Activities that are not in the IPP can also register with the BOI. However, at least 50% of production must be for export (60% Filipino and 40% foreign-owned businesses) and at least 70% of production should be for export for 40% foreign-owned businesses.

The requirements for a BOI registration are:

  • BOI Application Form 501
  • Project Report
  • SEC Certificate of Registration
  • Audited Financial Statement
  • Income Tax Return
  • Board Resolution of a company representative or signatory

If you want to find out more about the BOI registrations and their new policies and guidelines, feel free to get in touch with Duran & Duran-Schulze Lawtoday.

Call (+632) 478 5826 or email info@duranschulze.com for inquiries. Our team looks forward to answering any questions you may have about registering your company in the Philippines

References:
http://boi.gov.ph/boi-update-registered-firms-on-new-policies-and-guidelines-conducts-info-drive-to-further-encourage-compliance/
https://www.dti.gov.ph/media/latest-news/11050-boi-capacitates-boi-registered-firms-r3

BOI


https://kittelsoncarpo.com/tax-incentives/boi/
https://www.philconstruct.com/docs/downloads/DTI%20DOCS/BOI_IncentiveAndApplicationGuidelines.pdf