Omnibus Guidelines on FIRB Reportorial Requirements

December 22, 2022 FIRB ADMINISTRATIVE ORDER NO. 003-2022 FOR : All Heads of Investment Promotion Agencies SUBJECT : Omnibus Guidelines on FIRB Reportorial Requirements SECTION I. Background . With reference to Section 297 (A) of the National Internal Revenue Code (NIRC) of 1997, as amended by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the FIRB is mandated to exercise policy-making and oversight functions on the administration and grant of tax incentives by the IPAs. Moreover, Section 297 (G) of the NIRC, as amended, provides for the power of the FIRB to require IPAs, regularly or when requested, summaries of approved investment and incentives granted, and firm or entity-level tax incentives and benefits data as input to the FIRB's review and audit function, and the performance evaluation of tax incentives recipients. Pursuant to FIRB Resolution No. 022-22, the FIRB authorized the FIRB Secretariat to issue omnibus guidelines to implement the revised reportorial requirements, along with the prescribed evaluation report and monitoring report templates in relation to the review and revision of existing reports required from the respective Investment Promotion Agencies (IPAs). The FIRB Secretariat considered the comments and suggestions of the IPAs on the revised templates. SECTION II. Reports Covered . This omnibus guidelines for IPA reportorial requirements will cover the following reports: 1. Master List of All Registered Business Enterprises (refer to Annex A); 2. Monthly List of Projects with Investment Capital of P1 Billion and Below (refer to Annex B); 3. Monthly List Approved of Projects with Investment Capital Above P1 Billion (refer to Annex C); 4. Annual Tax Incentives Report (ATIR) and Annual Benefits Report (ABR),refer to Annex D; 5. Consolidated Annual Tax Incentives Reports (ATIR) and Annual Benefits Reports (ABR),refer to Annex E; 6. Standard Evaluation Report Outline or Template (refer to Annex F); 7. Monitoring of Performance Commitments for Approved Projects with Investment Capital of P1 Billion and Below (refer to Annex G); 8. Monitoring of Performance Commitments for Approved Projects with Investment Capital Above P1 Billion (refer to Annex H);and 9. Mid-year interim monitoring of performance commitments for approved projects (refer to Annex I). AScHCD The nature of the report, frequency of submission, purpose, guidelines for accomplishing the reports, and other relevant information are provided in Annexes A to I .The annexes are intended to be an exhaustive guide for the IPAs and registered business enterprises, as applicable, in accomplishing the reports. The reports are also given naming conventions for common reference of the registered business enterprises, the IPAs, and the FIRB. SECTION III. Amendments to this Omnibus Guidelines . The FIRB Secretariat is authorized to amend or modify this issuance and the related templates, as it may deem necessary. SECTION IV. Transitory Provision . The reports that are for submission to the FIRB Secretariat starting 1 January 2023 shall use the attached templates. This means that reports covering taxable periods covering 1 January 2022 to 31 December 2022, with deadlines falling due on 1 January 2023 onwards, shall use the attached templates. SECTION V. Repealing Clause . All circulars, memoranda, and issuances of the FIRB or parts thereof which are inconsistent with any provisions of these guidelines are hereby deemed repealed or modified accordingly. SECTION VI. Effectivity . This Administrative Order shall take effect immediately. All IPA Preparers, Approvers, and other IPA personnel concerned are hereby directed to use the revised templates for all submissions that fall due on 1 January 2023 onwards, covering reportable periods from 1 January 2022 to 31 December 2022, as applicable. (SGD.) JUVY C. DANOFRATA Assistant Secretary of Finance and Head of the Fiscal Incentives Review Board (FIRB) Secretariat ANNEX A FIRB Form No. 1000AS: Master List of All Registered Business Enterprises ANNEX B FIRB Form No. 2000MU: Monthly List of Approved Projects with Investment Capital of P1 Billion and Below ANNEX C FIRB Form No. 2001MU: Monthly List of Approved Projects with Investment Capital Above P1 Billion ANNEX D FIRB Form No. 3000AS: Annual Tax Incentives Report (ATIR) and Annual Benefits Report (ABR) ANNEX A.1a Income Based Tax Incentives ANNEX A.1b Breakdown of Expenses and Enhanced Deductions ANNEX A.1c General Information on Income Tax Incentives (Applicable to Registered Firms in the Renewable Energy Sector) ANNEX A.2 Information on VAT, Excise Tax, and Duty Based Incentives ANNEX B.1 General Information ANNEX B.2 Annual Benefits Report ANNEX E FIRB Form No. 3001AS: Consolidated Annual Tax Incentives Reports (ATIR) and Annual Benefits Reports (ABR) ANNEX F FIRB Form No. 4000DS: Standard Evaluation Report Outline or Template ANNEX G FIRB Form No. 5000AS: Monitoring of Performance Commitments for Approved Projects with Investment Capital of P1 Billion and Below ANNEX H FIRB Form No. 5001AS: Monitoring of Performance Commitments for Approved Projects with Investment Capital Above P1 Billion ANNEX I FIRB Form No. 5002AS: Mid-Year Interim Monitoring of Performance Commitments for Approved Projects