Special InTAX: June 2022 Issue 1 | Volume 1
InTAX is an official publication of R.G. Manabat & Co.'s Tax Group
InTAX is an official publication of R.G. Manabat & Co.'s Tax Group
Office of the President
On 24 May 2022, Memorandum Order (MO) No. 61 which provides for the 2022 Strategic Investment Priority Plan (SIPP) was signed into law by the President. The 2022 SIPP is intended to be a companion document to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act or Republic Act (RA) No. 11534.
The salient points of the MO are as follows:
| a. | Activities listed in the 2020 Investment Priorities Plan (IPP) (provided under MO No. 50 dated November 18, 2020, as amended by Memorandum Circular No. 2021-05 dated 22 July 2021) are retained and included under Tier I of the 2022 SIPP. |
| b. | Activities envisioned to promote a competitive and resilient economy and fill in gaps in the Philippines’ industrial value chains, and are deemed critical in promoting green ecosystems, ensuring dependable health systems, achieving robust self-reliance in defense systems, and realizing modem, competitive, and resilient industrial and agricultural sectors are included as Tier II of the 2022 SIPP. |
| c. | Activities that are projected to accelerate the transformation of the economy primarily through the application of research and development (R&D) and attracting technology investments are to be included under Tier Ill of the 2022 SIPP. |
| d. | Pursuant to Section 302 of the CREATE Act, additional activities that comply with Section 296 of the CREATE Act can qualify under Tiers II and III; Provided that, the additional activities under Tier III are duly endorsed by the relevant agencies such as the DOST. |
| e. | All government agencies are enjoined to issue the necessary regulations to ensure implementation of the 2022 SIPP in a synchronized and integrated manner. No policy or course of action that is contrary to or inconsistent with the SIPP may be adopted. |
| f. | All government agencies shall coordinate with the concerned investment promotion agencies (lPAs) to comply with RA No. 11032 (Ease of Doing Business and Efficient Government Service Delivery Act of 2018). All IPAs shall facilitate and expedite, to the extent possible, the setting up and conduct of registered projects or activities through the one stop action center. |
The 2022 SIPP shall take effect fifteen (15) days after its publication in a newspaper of general circulation or in the Official Gazette. Since it was uploaded to the Official Gazette on 26 May 2022, effectivity date is 15 days thereafter or on 10 June 2022.
Attached is the full text of the issuance reflecting the complete list of activities under SIPP.
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