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CILA holds dialogue with new BCDA, CDC execs

CLARK FREEPORT ZONE (PIA) -- Clark Investors and Locators Association (CILA) had a dialogue with the new Presidents of Bases Conversion and Development Authority (BCDA) and Clark Development Corporation (CDC) to discuss various issues.

It included the Implementing Rules and Regulations (IRR) for the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law which was drafted by Bureau of Internal Revenue (BIR).

CILA President Cristopher Magdangal pointed to a provision of the IRR that removes the value-added tax exemptions of businesses in freeport zones not involved in exports.

“There are many businesses, particularly in Clark and Subic, that are in hospitality and entertainment and other industries not directly engaged in exports,” he said.

“The BIR regulation is beyond the explicit intent of the CREATE law, which is supposed to provide incentives to businesses, including those in special economic zones,” Magdangal furthered.

BCDA President and CEO Aileen Zosa promised that she will make representations with Department of Finance on the issues presented by CILA.

For her part, CDC President and CEO Agnes Devanadera said they will prioritize studying the inconsistencies of the law vis-a-vis its IRR and vowed to refer it to the Office of the Government Corporate Counsel for its opinion on the matter.

She also revealed that she already discussed the issue with former President and now Senior Deputy Speaker Gloria Macapagal Arroyo, who pledged to lead congressional action to harmonize the law with its IRR. (CLJD-PIA 3)

Clark Investors and Locators Association holds a dialogue with Bases Conversion and Development Authority President and CEO Aileen Zosa and Clark Development Corporation President and CEO Agnes Devanadera to discuss various issues. (CILA)

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Carlo Lorenzo Datu

Assistant Regional Head

Region 3

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