Offshore Banking Units
FIRB Resolution No. 001-85 • Fiscal Incentives Review Board • Resolutions • Jan 4, 1985
Full text
January 4, 1985 FIRB RESOLUTION NO. 001-85 SUBJECT: 1. Offshore Banking Units 2. National Food Authority WHEREAS, it is necessary to minimize the spiralling effect of the withdrawal of exemptions under P.D. No. 1931; and WHEREAS, the Government is interested in maintaining the country's link with foreign lending institutions which facilitate the flow of desired investments into the country. Be it resolved as it is hereby resolved that the following tax privileges are hereby restored: 1. Tax and duty exemption of the National Food Authority on its importations of rice; and 2. Those enjoyed by Offshore Banking Units (OBU) and their personnel, as well as depository banks under the expanded foreign currency deposit system (FCDU) pursuant to PD Nos. 1034 and 1035, as amended by PD No. 1773. (SGD.) CESAR E. A. VIRATA Minister of Finance Chairman, FIRB
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