It took Malacaang around six months to decide on a proposal submitted at the height of the pandemic granting tax holidays to enterprises that repurposed to fight the COVID-19 pandemic, such as the production of personal protective equipment (PPE).
The Palace on Wednesday approved the 2020 Investment Priorities Plan (IPP) submitted by the Board of Investments (BOI).
The IPP, which is renewed every three years, is a list of preferred business activities that qualify for BOI tax incentives, including an income tax holiday of four to six years.
The government had offered some incentives to COVID-19-related activities before the 2020 IPP, such as tax and duty exemptions for the impor…
Keep on reading: Companies retooled for pandemic response to enjoy tax breaks