Over a thousand companies inside special export processing zones (EPZs) will undergo a fiscal incentives review after the Department of Finance (DOF) found the incentives system being abused, Finance Secretary Benjamin Diokno said on Tuesday, May 30.
During a media briefing in Malacañang, the official lamented how companies inside these special economic zones are abusing the tax incentives being provided by the government to attract foreign investments.The Finance secretary explained that these zones are “usually used by countries to attact foreign investors.”
“An kaso sa atin naabuso iyong concept ng EPZA. Kasi alam nyo may mga buildings sa Makati EPZA sila, ‘yung category ,” the official stated. The Department of Budget and Management , National Economic and Development Authority , and Office of the President are members. But those with smaller investments can go straight to the export processing zones or the Board of Investments .
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