IT-BPM firms’ transfer applications to BOI extended until Jan. 31
MANILA, PHILIPPINES — The Fiscal Incentives Board (FIRB) will be accepting information technology business process management (IT-BPM) firms’ transfer of registration from the Philippine Economic Zone Authority (PEZA) to the Board of Investments (BOI) until the end of the month.
FIRB released Resolution 026-22 which allows registered business enterprises (RBEs) in the
IT-BPM sector to transfer their registration to the BOI until January 31.
“There is an urgent need to extend the Dec. 31 deadline to give full effect to the intent behind the provisions to allow affected existing registered business enterprises (RBEs) in the IT-BPM sector to adopt, on a long-term basis, flexible work arrangements without adverse effects on their tax incentives,” the resolution read.
In September, the FIRB formally allowed IT-BPM companies to transfer their registration to BOI from PEZA to enable them to enjoy tax perks and incentives while implementing work-from-home (WFH) arrangements.
Initially, the IT-BPM sector was given until December 31, 2022 to finalize their transfer. However, FIRB said that only 40% of affected firms were able to transfer their registration to BOI.
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