Submission of Tentative Reports to FIRB Secretariat, BIR and DOF

June 6, 2022 FIRB ADVISORY NO. 005-2022 TO : All Investment Promotion Agencies (IPAs) and Other Government Agencies Administering Tax Incentives (OGAs) SUBJECT : Submission of Tentative Reports to the Fiscal Incentives Review Board (FIRB) Secretariat, the Bureau of Internal Revenue (BIR) and the Department of Finance (DOF) WHEREAS, the BIR issued Revenue Memorandum Circular (RMC) No. 42-2022 dated 7 April 2022 which allowed the filing of tentative annual income tax returns on or before 18 April 2022 and granted the filing of amended income tax returns without the imposition of interest, surcharge, and penalties on or before 16 May 2022; WHEREAS, the FIRB Secretariat, in response to RMC No. 42-2022, issued FIRB Advisory 002-2022 dated 12 May 2022 which allowed the tentative submission of the Annual Tax Incentives Report (ATIR) and Annual Benefits Report (ABR) on or before 18 May 2022, subject to finalization without the imposition of penalties on or before 15 June 2022; WHEREAS, in accordance with the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and its implementing rules and regulations (IRR), IPAs and OGAs are required to submit to the FIRB per-firm and per-registered project or activity-level in a machine-readable format (i) data on tax incentives based on the submissions of Registered Business Enterprises (RBEs) and Other Registered Entities (OREs) and (ii) other investment and non-investment-related data for purposes of conducting an impact evaluation method (Consolidated Annual Tax Incentives and Annual Benefits Report or "Annex C" and "Annex D") ; WHEREAS, IPAs and OGAs shall submit to the BIR the ATIR on (i) income-based tax incentives and (ii) VAT incentives and duty exemptions within sixty (60) days from the statutory deadline for filing of Final Adjustment Return and payment of taxes due thereon; and WHEREAS, the BIR and the Bureau of Customs (BOC) shall submit, on or before August 15 of every year, to the DOF: (i) all tax and duty incentives of RBEs and OREs, as reflected in filed tax returns and import entries; and (ii) actual tax and duty incentives as evaluated and determined by the BIR and the BOC; The following adjustments in the succeeding reportorial requirements shall be observed: Submission of the IPAs and OGAs Consolidated Annual Tax Incentives and Annual Benefits Report to the BIR and the FIRB Secretariat: a. Tentative submissions to be accepted on or before 14 June 2022 ;and b. Amended and final submissions to be accepted on or before 15 July 2022 ,without the imposition of any penalty. Submission of BIR and BOC of tax incentives reports to the DOF: a. Tentative submissions to be accepted on or before 15 August 2022 ;and b. Amended and final submissions to be accepted on or before 1 September 2022 . For further questions, you may reach out to your designated FIRB Secretariat focal person/s. Alternatively, the FIRB Secretariat's Monitoring and Evaluation Group (FIRB MEG) can assist you with any inquiries or clarifications. They may be contacted at (02) 8527-2064 or through email at [emailprotected] . Your continued support and collaboration are highly appreciated. Very truly yours, (SGD.) JOSSEF ELEAZAR B. LACSON Deputy Executive Director Monitoring and Evaluation Group, FIRB Secretariat