Private Overseas Contractors

July 17, 1985 FIRB RESOLUTION NO. 049-85 SUBJECT : Private Overseas Contractors BE IT RESOLVED, AS IT IS HEREBY RESOLVED, That the tax exemption privileges granted to overseas contractors registered with the Philippine Overseas Construction Board, under P.D. 1167, as amended by P.D. 1657, which were withdrawn by P.D. 1955, remain revoked except the following privileges which are hereby restored effective October 15, 1984: 1. The preferential rate of tax of one and one-half (1) per cent of gross contract price, in lieu of income tax, which shall be available only up to October 15, 1989: Provided , That contractors availing of this incentive shall comply with the laws and regulations on remittances of foreign exchange earnings of contractors and salaries of employees. aisadc 2. The fifty (50%) per centum deduction from net taxable income of total export fees which are available to registered contractors presently availing of this incentive but only up to expiry date: Provided , That those who have availed or rate availing of this incentive shall not be qualified to avail of the incentive in the preceding paragraph. (SGD.) ALFREDO PIO DE RODA, JR. Acting Minister of Finance Acting Chairman, FIRB