Coverage of Subsidy Availment

August 7, 1992 FIRB RESOLUTION NO. 032-92 SUBJECT : Coverage of Subsidy Availment WHEREAS, in practice, the FIRB has generally endorsed current subsidy availment to cover current tax and duty liabilities and; in some instances, those of the immediately preceding year, based on certain justifications; WHEREAS, from the budget control point, it is better to limit current subsidy availment to current year tax and duty liabilities; WHEREAS, from the point of view of complying with tax and duty liabilities, it is better that current subsidy availment be used for current year tax and duty liabilities so that affected entities would not delay and/or be amiss in discharging their tax and duty liabilities. aisadc WHEREAS, there have been cases determined by FIRB as meritorious of subsidy availment even though the tax and duty liabilities were of previous years; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That as a general policy, the FIRB shall allow current subsidy availment to cover only current tax and duty liabilities, but without prejudice to meritorious cases involving previous years' tax and duty liabilities, as determines by the FIRB. (SGD.) RAMON R. DEL ROSARIO, JR. Secretary of Finance Chairman FIRB References : FIRB Technical Committee meeting dated July 21, 1992 FIRB meeting dated August 6, 1992