FIRB extends movement of IT-BPM assets
MANILA, PHILIPPINES — The Fiscal Incentives Review Board (FIRB) has announced the extension of the bond-free period for Registered Business Enterprises (RBEs) in the Information Technology-Business Process Management (IT-BPM) sector to relocate their assets.
RBEs have until June 30 to move their IT equipment and other assets outside the economic or freeport zone without needing a bond. The previous deadline was on March 31.
FIRB added that the extension would give covered RBEs additional time to process their Tax Exemption Indorsement (TEI) from the Department of Finance (DOF) for existing goods imported as of January 31. The TEI is a DOF-issued document that determines whether imported goods are exempt from payment of duties and/or taxes.
Stakeholders have previously stated that they wanted to keep their remote work setups which were implemented during the COVID-19 pandemic.
The previous administration had warned that failure to return to office would result in the loss of tax incentives. In September 2022, the national government conceded and granted their request.
