NextGen Day

On Tuesday, September 28, 2021, the chairman of the House Ways and Means Committee stated the newly established single registration site for tax incentive applicants will help speed up applications, minimize administrative discretion, and encourage greater investment.

Following the effective date of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, Albay Rep. Joey Salceda said the Fiscal Incentives Registration and Monitoring System (FIRMS), a unified online registration and incentives application portal for investors or enterprises to submit and monitor applications for incentives in any of the investment promotion agencies, was created.

“Now that CREATE has established a single registration site for tax incentive applicants, it should be simpler for investors to get tax advantages if they qualify.” “This is based on best practices from places like Singapore, where the investment promotion system is already very complex,” he said.

The site, according to Salceda, would also assist in keeping track of investment commitments.

“Of course, we do not provide tax breaks to investors for free. They must really follow through on their investment promises, create the jobs they say they will, and produce the economic advantages they claim,” he said.

Any significant deception in order to get more tax advantages than the applicant is entitled to be punished under CREATE, which includes a clawback provision that enables the government to reclaim the excess tax incentives.

The site, according to Salceda, includes a feature that makes remote applications simpler, which will help small-scale foreign direct investments grow (FDIs).

“If you’re a foreigner who isn’t physically present in the Philippines, this makes applications a lot simpler since you don’t have to hire someone to handle the paperwork for you,” he said.

According to Salceda, the law’s goal is to encourage FDIs of all sizes.

“Some small businesses are really extremely potential beginnings.” We’d like them as well. However, they are unable to keep actual agents in the Philippines to handle their applications. “This platform makes doing business in the nation simpler for them,” he added.

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