Final Notice to Comply with Republic Act 10708 "An Act Enhancing Transparency in the Management and Accounting of Tax Incentives"

October 7, 2016 CDC MEMORANDUM CIRCULAR NO. IPD2-16-10-212 FOR : Concerned Locators SUBJECT : Final Notice to Comply with Republic Act 10708 "An Act Enhancing Transparency in the Management and Accounting of Tax Incentives" This Circular serves as the 2nd and final reminder to all concerned locators covered by the TAX INCENTIVE MANAGEMENT & TRANSPARENCY ACT (R.A. 10708) also known as the TIMTA Law. AScHCD As previously stated in Memo Circulars dated 2016 July 20 and 2010 February 09 (copies are attached), holders of valid Certificates of Registration & Tax Exemption issued by CDC for CY 2015 are covered. While the Department of Finance (DOF) and Department of Trade and Industry (DTI) extended the deadline originally marked on 2016 September 15, CDC reiterates the need to submit all requirements on or before the dates specified below in order to allow reasonable time for locators to tally/revalidate their Import/Export as well as VAT-exempt transactions with the CDC Trade Facilitation Division: 1. Income-based tax incentives due on or before October 18, 2016 2. VAT and duty free exemptions due on or before October 18, 2016 Although the TIMTA law already carries penalty provisions for non-compliance, these do not preclude CDC from enforcing its established regulations in connection with the renewal of registration and granting of tax incentives which includes cancellation/revocation of said privilege. We would like remind all concerned locators and/or their authorized representatives to submit hard and electronic copies of their reports to CDC through the Account Officers assigned to their respective companies. Any questions or concerns can be emailed to [emailprotected] . For strict compliance. (SGD.) ATTY. NOELLE MINA D. MENESES Officer-in-Charge (October 03 to 10, 2016) Office of Vice President Business Development and Business Enhancement Group