NextGen Day

On Monday, the chairperson of the House Ways and Means Committee urged the Department of Trade and Industry (DTI) to finish the Strategic Investment Priorities Plan (SIPP) required by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act by March 2022, the measure’s first anniversary.

Due to the lack of completion of the SIPP, Albay Representative Joey Salceda stated during the committee meeting that industries are still unsure about the tax incentives they will receive in the country.

The SIPP is a list of industries that are eligible for CREATE Act tax incentives.

“This has been going on for a lot longer than it should have been. Invoking this committee’s oversight authority over Title XIII of the tax law, I strongly urge the Department of Treasury to complete it as soon as possible, preferably before CREATE turns one,” Salceda said.

Because the Investment Priorities Plan, which was carried over as a transitional SIPP, does not provide for tiering, he added the Fiscal Incentives Review Board (FIRB) is unable to assess the tiering of the incentives.

During the bicameral proceedings for CREATE, Salceda also recalled that the DTI submitted an initial list of industry tiers for consideration by the House of Representatives, but the list was not hardcoded in the final text of the reform.

“That’s why I insisted on that listing,” says the author. It puts an end to the ambiguity and offers investors a sense of what they can expect under our laws. Foreign direct investments (FDIs) are increasing year after year, but we aren’t maximizing our investment potential because investors are still unsure whether they qualify for better incentives under our law “he stated

The panel of experts with whom the DTI is conferring on the SIPP drafting process, according to Salceda, should be finished sooner.

“There is a time for consulting and a time for making decisions.” This is a moment for decisions in the midst of a crisis. Whatever the case may be, nothing prevents us from amending the SIPP if the first list need improvement. Simply alter the air immediately by completing the SIPP “he stated

If the deadline for issuing the SIPP is not met next year, Salceda has warned that he will be forced to hold oversight hearings.

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