Tax Managing Partner Malou Lim shared her insights on the concerns raised by business sectors on the proposed Tax Incentives Management and Transparency Act (TIMTA) in a focus group discussion (FGD) last 1 July at the Senate.
Led by the office of Sen. Sonny Angara, Head of Senate Committee of Ways and Means, the FGD included invited representatives from different business organizations, such as the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI), American Chamber of Commerce of the Philippines (AmCham), European Chamber of Commerce of the Philippines (ECCP), IT & Business Process Association of the Phils. (IT-BPAP), Management Association of the Philippines (MAP), Tax Management Association of the Phils., Inc. (TMAP). Deputy Director General for Operations Mary Harriet Abordo represented the Philippine Economic Zone Authority (PEZA).
Malou participates in the focus group discussion.
On 27 May 2015, a joint position paper signed by several business organizations was submitted regarding their comments on the bill. While the business groups lauded the bill's overall objective to promote transparency and accountability in granting incentives, several issues have been raised on some of its provisions, particularly on forfeiting incentives of registered companies for failing to submit application for incentive claims. Another provision they are looking into is the 18-month extension on the prescriptive period of the Bureau of Internal Revenue (BIR) to issue an assessment.
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