THE Philippine Economic Zone Authority (Peza) said concerns of their locators on the Value Added Tax (VAT) have already been addressed by the CREATE More Law. In a briefing on Monday, Peza Director General Tereso O.
THE Philippine Economic Zone Authority said concerns of their locators on the Value Added Tax have already been addressed by the CREATE More Law.
The law, Panga said, also removed six items in the foreign investment negative list which will lead to a shorter negative list and allow more foreign businesses to locate in the Philippines. Last year, Panga said some locators had resorted to importing their materials as it was easier to avail themselves of tax perks and duty-free incentive than sourcing the materials from the local market given the “gray area” in the BIR’s definition for direct and exclusive use in a registered activity.
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