The tourism sector seems to be going through an interesting phase now that it has been called on to take a bigger challenge — to be sustainable and competitive against other tourist destinations in the region. What else could possibly make it more fun in the Philippines?
In the field of taxation, the Bureau of Internal Revenue (BIR) appears to likewise recognize the urgency of effecting Republic Act (RA) No. 9593, otherwise known as the “Tourism Act of 2009,” as a roadmap to developing Tourism Enterprise Zones (TEZs) aimed at enhancing the capacity of tourist attractions and its facilities in priority destinations. Through the issuance of Revenue Regulations (RR) No. 7-2016, the BIR recently acted upon the directive to implement the rules and regulations governing the tax incentives available to Registered Tourism Enterprises (RTEs) with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA). The realization of these incentives comes seven years after RA 9593 and its Implementing Rules and Regulations (IRR) were passed.
Dec 282016