Tax Alert No. 3 [Revenue Memorandum Circular (RMC) No. 155-2022 dated 27 December 2022]

Further extension of the acceptance of manually issued Certificate of Entitlement to Tax Incentives (CETI) under the CREATE Act

The Registered Business Enterprise (RBEs) entitled to income incentives shall still be allowed to manually attach the Certificate of Entitlement to Tax Incentives (CETI) issued by their respective Investment Promotion Agency (IPA) to their Annual Income Tax Return (AITR) for the taxable year 2022 until such time that the system-generated CETI can be issued through the Fiscal Incentives Registration and Monitoring system administered by the Fiscal Incentives and Review Board. The CETI is a requirement for all RBEs in order to avail of the Income Tax Holiday or preferential rate granted by the law.