Tax Alert No. 37 [Revenue Memorandum Circular (RMC) No. 103-2022 dated 07 July 2022]

Publishing Fiscal Incentives Review Board (FIRB) Resolution No. 018-22 - Granting the Board of Investments (BOI) Authority to Implement Temporary Measures for Registered Business Enterprises (RBEs) Affected by Typhoon Odette

RMC No. 103-2022 has been issued to circulate FIRB Resolution No. 018-22, granting authority to the BOI to execute temporary measures for RBEs affected by Typhoon Odette.

These measures include the: (a) movement of the date for the start of commercial operations (SCO); (b) movement of the reckoning date for the Income Tax Holiday (ITH) incentive, and the (c) deferment of the ITH availment until 21 December 2022, or until Presidential Proclamation No. 1267 has been lifted, whichever comes earlier, and subject to the terms and conditions stated in the RBEs' respective registrations.

RMC No. 103-2022 takes effect immediately, and all concerned are hereby encouraged to be guided accordingly.

You may access the full version of the RMC and the FIRB Resolution through the BIR website.