PEZA Memorandum Circular No. 2021-051
Guidelines Monitoring the Compliance with the Conditions Prescribed Under Fiscal Incentives Review Board (FIRB) Resolution No. 19-21 on the Work from Home Arrangement for Registered Business Enterprises (RBES) in the IT-BPM Sector
The Fiscal Incentives Review Board (FIRB) issued a Memorandum dated 09 September 2021 to all Investment Promotion Agencies (IPAs) and Registered Business Enterprises (RBEs) detailing the guidelines for compliance in line with FIRB Resolution No. 19-2021, or the extension of the Work from Home (WFH) Arrangement for the RBEs in the IT-BPM sector.
Guidelines for submission
A. Ecozone IT Enterprises shall submit to the PEZA Zone Managers/Office the following:
- On or before 30 September 2021, a list of equipment and other assets brought out of the economic or freeport zones with the following details:
a. Quantity of laptops, desktops, or other assets;
b. Acquisition cost and book value; and
c. Amount of bond paid to cover 150% of the amount of taxes and duties (if imported) and VAT (if locally sourced).
- On or before 30 September 2021, total number of employees and the number of employees under the WFH arrangement; and
- On or before 30 September 2021, a certification that the export requirement and number of employees will be maintained.
- Within five (5) days after the end of each month, a report on the following:
a. Additional equipment and other assets brought out of the economic or freeport zones as mentioned in Item (1); and
b. The total number of employees and the number of employees under the WFH arrangement.
Non-compliance with the conditions may result in the suspension, withdrawal or cancellation of tax incentives of the ecozone IT enterprises.
In addition, PEZA is also directed to report to the FIRB within five (5) days from the knowledge of any violation of these conditions by an ecozone enterprise. The notice will include the name of the ecozone enterprise, address, registration number, the nature of the violation, and action taken by PEZA, if any.
For further details and guidance, please refer to the pertinent PEZA and FIRB Memorandum Circulars as enclosed herewith.mc-2021-051-guidelines-for-monitoring-of-work-from-home-arrangement-firb
- Application for SEC’s Grant of Amnesty on or before April 30, 2023
- Risks of Penalty for not Disclosing the Company’s Beneficial Ownership under the SEC MC No. 15, Series of 2019
- Lazada Riders as Employees Under the Four-Fold Test
- New and Revised PFRSs for Annual Periods beginning on or after January 01,2023
- Further clarification of issues raised in transitory provisions for the VAT Zero-rate Incentives