NTRC to improve services in FIRMS
The National Tax Research Center (NTRC) announced that they are expanding the capabilities of its incentives application portal called Fiscal Incentives Registration and Monitoring System (FIRMS) to offer new functionalities for its users.
In a report to the Department of Finance (DOF) Secretary Carlos Dominguez, the NTRC said that FIRMS is currently being used by potential investors to submit their incentive applications to local Investment Promotion Agencies (IPAs).
After its improvement, the NTRC stated that the application portal will be used by the IPAs and the Fiscal Incentives Review Board (FIRB) to review, approve or reject, and monitor the activities or projects of foreign companies.
FIRMS will also be able to generate the electronic Certificate of Registration (COR) and Certificate of Entitlement to Tax Incentives (CETI) of approved investments.
Further, it will allow enterprises to submit their electronic reports on the fiscal incentives that they have received. This will allow the government to monitor, review, and analyze the economic impact of the tax incentives given to investors.
While working on the improvements, the NTRC is encouraging the businesses who are already receiving tax incentives to create their FIRMS accounts.
