IT group lauds tax incentive retention

The Bacolod-Negros Occidental Federation for Information and Communications Technology (BNEFIT) said retaining the tax incentives for business process outsourcing (BPO) companies will be a positive development for the industry. BNEFIT executive director Jocelle Batapa-Sigue said the continuation of tax incentives will also continue to encourage the growth of IT companies, especially in the countryside. The Department of Finance earlier said BPO firms need not worry as they will continue to enjoy a number of fiscal perks so that the sector can sustain robust growth. Batapa-Sigue said introducing VAT on BPO services and imposition of new taxes on the ICT industry would have very damaging repercussions for growth.