FIRB Resolution No. 10-21

June 2, 2021 FIRB RESOLUTION NO. 10-21 WHEREAS , Section 297 of the National Internal Revenue Code (NIRC) of 1997, as amended by Republic Act (RA) No. 11534, otherwise known as the "Corporate Recovery and Tax Incentives for Enterprises Act" or "CREATE," provides for the expanded functions of the Fiscal Incentives Review Board (FIRB); WHEREAS , to enhance efficiency in performing the FIRB's functions, there is a need to assign certain responsibilities to the Technical Committee to ensure unhampered delivery of services; WHEREAS , Section 298 of the NIRC of 1997, as amended by RA 11534, authorizes the FIRB to assign functions that may be performed by its Technical Committee; NOW, THEREFORE, BE IT RESOLVED, AS IT IS HEREBY RESOLVED , That the following functions are assigned to the Technical Committee: a. To decide on tax incentives applications with investment capital of more than one billion pesos (P1,000,000,000.00) but not more than three billion pesos (P3,000,000,000.00), subject to the confirmation of the Board, until the end of 2022; b. To recommend policies to the Board for the development and expansion of the domestic supply chain; and c. To recommend to the Board place-specific strategic investment priorities plans during periods of recovery from calamities and post-conflict situations. RESOLVED FURTHER , that the Board shall be informed of all the denials and the Board has the power of reviewing any appeals on the decision of the Technical Committee. SDAaTC RESOLVED FINALLY , that a verified Motion for Reconsideration of the decision of the Technical Committee may be filed by the business enterprise to the Board within thirty (30) days from receipt thereof. Only one Motion for Reconsideration shall be allowed. The filing of a Motion for Reconsideration to the Board within the prescribed period of thirty (30) days shall stay the execution of the decision sought to be reconsidered. A business enterprise adversely affected by the decision of the Board may, within thirty (30) days from receipt of the adverse decision, appeal the same to the Court of Tax Appeals. Adopted by the Board in its meeting on June 2, 2021 where a quorum was present. (SGD.) CARLOS G. DOMINGUEZ Secretary of Finance Chairperson (SGD.) RAMON M. LOPEZ Secretary of Trade and Industry Co-Chairperson (SGD.) SALVADOR C. MEDIALDEA Executive Secretary (SGD.) WENDEL E. AVISADO Secretary of Budget and Management (SGD.) KARL KENDRICK T. CHUA Socioeconomic Planning Secretary