Summary
RMC No. 37-2022 clarifies the guidelines on submitting the Certificate of Entitlement to Tax Incentives (CETI) under RMC No. 28-2022.
Key points
- Who applies and how. RBEs enjoying incentives under the transitory provisions of Section 311, Title XIII of RA No. 11534, and all enterprises registered under that law, apply for a CETI with their Investment Promotion Agency. They apply through the Fiscal Incentives Registration and Monitoring System (FIRMS) before filing the Annual Income Tax Return (AITR).
- Earlier certificates allowed. RBEs already issued a certificate in a format earlier prescribed by the IPA may attach it to the AITR for taxable year 2021 instead of the FIRB-prescribed CETI. Examples are a certificate of entitlement to income tax holiday, certificate of available incentives, or certificate of registration and tax exemption.
Who is affected
- Registered Business Enterprises enjoying incentives under Section 311 of Title XIII of RA No. 11534
- Business enterprises registered under RA No. 11534
Deadlines and effectivity
- CETI application before filing of the AITR
- Earlier certificates may be attached to the AITR for taxable year 2021
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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