FIRB to make IPA fee collection uniform
The Fiscal Incentives Review Board (FIRB) is looking to systematize all fees collected by investment promotion agencies (IPAs) from their registered investors uniform to ensure that rates are “just and reasonable.”
According to FIRB chair and Department of Finance (DOF) Secretary Carlos Dominguez III, this move is part of the board’s expanded policy-making and oversight functions under the Corporate Recovery and Tax Incentive for Enterprises (CREATE) law.
Meanwhile, FIRB Secretariat Head and DOF Assistant Secretary Juvy Danofrata said that the uniform guidelines will be “based on cost recovery principle, subject to reasonable rate of return” as well as revenue implication.
She added that the FIRB would be in close coordination with the IPAs for this new policy.
For now, the FIRB already ordered all IPAs to submit a copy of the fees that they are collecting from their members, with a detailed report on cost recovery and income generation.
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