Philippines: Tax guidance on certain income tax incentives (COVID-19)

Suspension of the income tax incentives granted to registered business enterprises

Suspension of the income tax incentives granted to registered business enterprises

The Bureau of Internal Revenue has issued Revenue Memorandum Circular No. 23-2022 (9 March 2022) to provide clarifications and guidance on the suspension of the income tax incentives granted to registered business enterprises for violating the work-from-home threshold as prescribed by the Fiscal Incentives Review Board (FIRB).

The circular covers all registered business enterprises in the Information Technology – Business Process Management (IT-BPM) sector that opted to continue implementing work-from-home arrangements during the coronavirus (COVID-19) pandemic.

The circular takes effect immediately until 31 March 2022.

Read a March 2022 report prepared by the KPMG member firm in the Philippines

 

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