Tax Subsidy Applications

June 2, 2021 FIRB RESOLUTION NO. 12-21 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 , the FIRB is vested with powers to approve applications for tax subsidy of government-owned or -controlled corporations, government instrumentalities, government commissaries, and state universities and colleges [Section 297 (C), NIRC], and to cancel, suspend, or withdraw the enjoyment of tax subsidy of pertinent government entities and, when necessary, endorse the same to the concerned revenue agencies for assessment and collection of taxes and duties due, including fines or penalties, if warranted, for violations of any of the conditions imposed in the grant of tax subsidy, or provisions of the CREATE Act, or applicable rules [Section 297 (F), NIRC]. WHEREAS , the tax subsidy applications of government-owned or -controlled corporations, government instrumentalities, government commissaries and state colleges and universities require immediate action of the FIRB to ensure the speedy processing of their tax subsidy applications; WHEREAS , Section 298 of the NIRC, 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 tax subsidy application shall be decided by the following Technical Committee members: a. Undersecretary of Finance, as Chairperson; b. Undersecretary of Trade and Industry and Board of Investment Managing Head, or Assistant Secretary of Trade and Industry, as member; c. Undersecretary or Assistant Secretary of Budget and Management, as member; d. National Economic and Development Authority Deputy or Assistant Director General, as member; e. Commissioner or Deputy Commissioner of Internal Revenue, as member; and f. Commissioner or Deputy Commissioner of Customs, as member. RESOLVED FURTHER , that the decision of the Technical Committee on the approval, disapproval, cancellation, suspension, withdrawal, or forfeiture of tax subsidy shall be for notation of the Board. RESOLVED FINALLY , that any action of the Technical Committee may be elevated to the Board. ETHIDa 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