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No moratorium on tax incentives.

The Davao City Investment Incentive Board (DCIIB) will continue to grant tax breaks for investors even as the city government is still reviewing the incentive code.

Lemuel Ortonio, head of Davao City Investment Promotion Center, said there would be no moratorium on the granting of fiscal incentives even if the city government, together with partner Isla Lipana and Co., is reviewing the code.

'The current ordinance will still be followed,' Ortonio said, as there are presently three investors for fiscal incentives for a school, an information technology operation and a hospital.

The applications of the three investors would be discussed by the DCIIB in its meeting next month.

Under the current investment incentive code, fiscal incentives can be obtained if investments fall in priority investment areas such as agribusiness, tourism and recreational facilities, light manufacturing and assembly, property development, health and wellness, educational and sports facilities, green projects, information and communication technology, power projects, logistics and infrastructure and public-private partnership projects.

Those projects will be entitled with fiscal incentives such as three-year tax holiday on business tax and two-year tax holiday on real property tax. A five-year tax holiday is also given to those that would be built in Calinan, Baguio, Marilog, and Paquibato Districts.

The review of the investment incentive code is targeted to be completed in six months as the city government formally signed a memorandum of agreement with Isla Lipana last week for the review of the ordinance.

Mayor Sara Duterte said it has been five years when the investment incentive code was last updated by the city government. She said the review is opportune time to update the code and keep up with the latest trends.

The mayor also urged the review team to consult with the different stakeholders.

'I urge you to also consult with the different business groups and industry associations in Davao City to ensure that the investment gaps and needs of specific industries in the city are considered,' Duterte said. (KMF)

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Publication:Mindanao Times (Mindanao, Philippines)
Date:May 20, 2018
Words:377
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