Authority to Issue Omnibus Guidelines to Monitor Reportorial Requirements

August 4, 2022 FIRB RESOLUTION NO. 022-22 WHEREAS , 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, provides that the Fiscal Incentives Review Board (FIRB) shall exercise policy-making and oversight functions on the administration and grant of tax incentives by the Investment Promotion Agencies (IPAs); WHEREAS , Section 297 (G) of the NIRC of 1997, as amended, empowers the FIRB to require IPAs to submit, 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 evaluation of the performance of recipients of tax incentives; WHEREAS , for the effective monitoring and analysis of tax incentives granted to registered business enterprises, IPAs are required to accomplish and submit close to ten (10) reports, all of which have prescribed templates, to the FIRB Secretariat; WHEREAS , the FIRB Secretariat has reviewed and, likewise, revised the prescribed templates to reduce the data requirements and to streamline the accomplishment of the reportorial reports to be submitted by IPAs; WHEREAS , a set of guidelines containing the updated templates, alongside the prescribed evaluation report and monitoring report templates, is necessary to inform the IPAs of the revisions made by the FIRB Secretariat; WHEREAS , the FIRB Secretariat may further review and revise the prescribed template in case the FIRB Secretariat finds the data requirements are either insufficient or redundant; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED , that the FIRB Secretariat is granted the authority to issue omnibus guidelines to implement the revised reportorial requirements, along with the prescribed evaluation report and monitoring report templates; RESOLVED, FURTHER , that if necessary to further change or modify the prescribed templates, the Head of the FIRB Secretariat, upon consultation with the IPAs, shall be authorized to prescribe, modify, and implement any such change to the guidelines on the reportorial reports; RESOLVED, FINALLY , a summary of the pertinent changes and updates made upon the prescribed templates shall be reported to the FIRB Board. This Resolution may be signed in any number of counterparts, each of which, when duly executed and sent by facsimile or electronic transmission to the Secretariat, shall be valid and effectual as if executed as an original, but all the counterparts (including those sent by way of facsimile or electronic transmission) shall together constitute one and the same document. HTcADC Adopted by the Board in its meeting on 4 August 2022, where a quorum was present. (SGD.) AMENAH F. PANGANDAMAN Secretary of Budget and Management (SGD.) ARSENIO M. BALISACAN Secretary of National Economic and Development Authority VICTOR D. RODRIGUEZ Executive Secretary (SGD.) ALFREDO E. PASCUAL Co-Chairperson and Secretary of Trade and Industry (SGD.) BENJAMIN E. DIOKNO Chairperson and Secretary of Finance