Oliver 15 0 0 4 min to read

Solon wants the deadline for BPO companies to switch to BOI extended.

Cebuano Cebuano English English Filipino Filipino


On Wednesday, a House leader requested the Fiscal Incentives Review Board (FIRB) and the Department of Finance (DOF) to extend the deadline for the transfer of registered business process outsourcing (BPO) enterprises to the Board of Investments (BOI) until January 31, 2023.

Joey Salceda, chair of the House Ways and Means Committee, made the announcement after the Philippine Economic Zone Authority (PEZA) stated that just 446 registered business organizations, or 41%, were able to submit their applications by the deadline of December 16 to transfer to the BOI.

According to Salceda, the BPOs would be able to keep the tax benefits provided by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and their work-from-home positions if PEZA were to be replaced by the BOI.

Only around 41% of them, according to the PEZA, managed to submit their criteria on time. There are still 640 companies that have not submitted their requests. They must quit working from home and come back to work full-time otherwise they will lose their tax perks “said he.

PEZA also requires more time because, to date, they have only been able to review around 70% of the applications and recommend them to the BOI “Added he.

According to him, businesses had just three months left after the FIRB resolution approving the registration transfer scheme was published in September.

He said that it is critical to preserve work-from-home positions because they contribute to both a reduction in traffic and an equalization of possibilities for residents of urban and rural areas.

“The option to work from home is also a big draw for businesses who might want to hire from a more varied talent pool. Anywhere in the nation can be used for recruitment. The BPO industry also has a difficult time hiring. Costs of retention are substantial, “added he.

He claimed that the possibility of working from home is also a cost-competitiveness measure.

Given rising electricity prices and the numerous vacations that companies must cover, “God knows we need that relief,” he said.

Salceda also requested that the PEZA accelerate the final applications that were scheduled to be submitted to the BOI by the PEZA.

If the deadline is not extended, I am asking the PEZA to finish submitting complete applications to the BOI by the end of this month. The businesses who have submitted their transfer petitions must begin 2023 with complete tax certainty “added he.


Cebuano Cebuano English English Filipino Filipino


***
We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.
***
Please follow and like us:
error2
fb-share-icon
Tweet 2k
fb-share-icon20
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
error

Enjoy this blog? Please spread the word :)

0
Would love your thoughts, please comment.x
()
x