Board of Investments Implementing Rules and Regulations (B.P. No. 391)

June 14, 1984

BOARD OF INVESTMENTS IMPLEMENTING RULES AND REGULATIONS

Rule X of the Rules and Regulations to Implement Batas Pambansa Bilang 391 adopted on July 5, 1983 is hereby amended, to read as follows:

"RULE X. FINES

"The following schedule of fines for late and/or nonsubmission of reports shall apply to all registered enterprises:

"1. For late filing of Annual Reports, i.e., Audited Financial Statements, Income Tax Returns and Annual Report on Commercial Operations — EaCSTc

 

		Maximum
1st violation	P25.00	P5.00
2nd violation	50.00	10.00
3rd violation &
subsequent violations	100.00	20.00

 

 

 

"II. For late filing of Quarterly Reports:

 

 

 

1st violation	P25.00	P5.00
2nd violation	50.00	10.00
3rd violation &
subsequent violations	100.00	20.00

 

"III. For late submission of clearance from the National Pollution Control Commission — Basic Fine of P50.00 and a daily fine of P1.00.

"IV. For late compliance with the 10% public participation requirement — Basic Fine of P500.00 and a daily fine of P25.00

"V. For late filing of bonds — Basic fine of P100.00 and a daily fine of P20.00

"VI. Fine for late implementation of project — A basic fine of 1% per project cost and a daily fine of P100.00 but not to exceed P100.00

"VII. Fine for cessation of operations or withdrawal from registered operations without prior Board approval — same as in No. VI.

"VIII. For the transfer, conveyance or assignment of imported capital equipment with incentives without prior Board approval as required, the fine shall be 1% of the acquisition cost as appearing in the invoice without prejudice to cancellation of Certificate of Registration.

"IX. For other late filings or submission of other requirements not mentioned herein, but otherwise required in connection with the registration of an enterprise, a similar reasonable fine shall be imposed by the Board.

"The following penalties shall likewise be imposed for the offenses enumerated hereunder without prejudice to the filing of a petitioner for cancellation of certificate of registration and/or criminal Serious Offenses:

 

1)	For claiming tax credit on	Forfeiture of the entire claim
	sales tax added to the	for the first violation and
	invoice price where such	forfeiture of the entire claim
	sales tax has not previously	plus cancellation of the
	been reflected by the seller.	claimant's registration for the
		second offense.
2)	For claiming tax credit on	Deduction of 25% of
	raw materials/supplies	allowable amount for 1st
	which have been subject	offense; deduction of 50% of
	of previous tax credit	allowable amount for second
	availment.	offense; and forfeiture of
		entire claim plus cancellation
		of registration for third
		offense.
3)	For claiming tax credit on	Deduction of 25% allowable
	raw materials/supplies	amount for first offense;
	purchases after date of	deduction of 50% of
	exportation of the export	allowable amount for second
	product.	offense and forfeiture of
		entire claim plus cancellation
		of registration for third
		offense.

                 Light Offenses:

 

1)		For repetitious commission of errors which favor claimants such as
			a)  mathematical and unit conversion errors, and
			b) overstatement of raw materials usage
2)		For filing of applications	Deduction of 10% from the
		after one (1) year from	allowable claim for every
		date of actual exportation	application unless there are
		for direct exports or two	mitigating circumstances that
		(2) years for indirect	will justify the non-
		exports.	imposition of penalty.
3)		For claiming of tax credit for raw materials not forming part of export product or purchased for more than two (2) years."

 

 

 

 

 

                    

 

 

 

 

APPROVED: June 14, 1984

 

(SGD.) ROBERTO V. ONGPINChairman

(SGD.) EDGARDO L. TORDESILLASVice-Chairman

(SGD.) LILIA R. BAUTISTAGovernor

(SGD.) FEDERICO V. BORROMEOGovernor

(SGD.) H. ZAYCOGovernor

(SGD.) CHITA O. ANGELESBoard Secretary