Documentation/Information Requirements for Tax Subsidy Application

August 22, 2002 FIRB RESOLUTION NO. 006-02 SUBJECT : Documentation/Information Requirements for Tax Subsidy Application WHEREAS, tax subsidy applications by government-owned and/or corporations (GOCCs) with the Fiscal Incentives Review Board (FIRB) require the submission of certain documents/information which form the basis for the evaluation of said application; WHEREAS, some of these documents/information may no longer be practical in view of recent developments; WHEREAS, there is a need to simplify the process and avoid duplication with other agencies on the documentation thus promoting greater efficiency in the FIRB evaluation procedures; NOW, THEREFORE, BE IT RESOLVED AS IT IS HEREBY RESOLVED, that a GOCC applying for tax subsidy with the FIRB shall file the following documents/information requirements: 1. Letter-request signed by Head of Office or any authorized official, with the following: (a) endorsement from the Department/Office to which the applicant is attached; (b) backgrounder of the applicant (for GOCCs applying for tax subsidy for the first time); (c) details of tax subsidy requirement, by type of taxes and duties and amount (including Statement of Accounts/billings from the concerned revenue collecting agency, if available); (d) income tax return duly filed with the Bureau of Internal Revenue for GOCCs applying for income tax subsidy (e) detailed list of importations/purchases and their classification, whether these are for regular operations or project-related (backgrounder on the project); (f) justifications for the application; and (g) latest annual/performance (programs/accomplishments) report; 2. Certification that items for which tax subsidy is sought shall be used exclusively in the pursuit of mandated functions, as stated in its charter and/or enabling law or a specified project; and 3. Statement under oath of investments and income therefrom. EScAID BE IT FURTHER RESOLVED, AS IT IS HEREBY RESOLVED, that the tax subsidy applicant shall also secure the financial opinion/endorsement of the Corporate Affairs Group (CAG) of the Department of Finance and shall comply with the financial document/information requirements of the CAG for the purpose (e.g. latest audited financial statements, cash flow, among others). BE IT FINALLY RESOLVED, AS IT IS HEREBY RESOLVED to amend correspondingly FIRB Resolution Nos. 29-90, 33-90, 2-93 and 29-93. (SGD.) NIEVES L. OSORIO Undersecretary of Finance Presiding Officer FIRB Reference: FIRB Technical Committee Meeting dated August 9, 2002 FIRB Meeting dated August 21, 2002