Summary
RMC No. 56-2021 circularizes the Implementing Rules and Regulations (IRR) of Section 4(nnn) of RA No. 11494 (Bayanihan to Recover as One Act).
Key points
- Committee. The IRR creates a Committee chaired by the Secretary of Finance, with the Secretary of Environment and Natural Resources and the Secretary of Trade and Industry as members. It identifies the projects granted regulatory relief and the permits, licenses, certificates, clearances, consents, authorizations or resolutions to be waived, using the general principles in the IRR.
- Requirements that cannot be waived. These cover national taxes administered by the BIR or other agencies, and local taxes levied by Local Government units. They also cover BOC duties on assessment and collection of revenues from imports and enforcement of tariff and customs laws, national border controls of the Bureau of Immigration, Bureau of Customs and Bureau of Quarantine, and DENR environmental laws and regulations.
- Application process. The process for applying, the application procedures, and the effects of granting or denying relief are in the IRR.
Who is affected
- Covered projects applying for regulatory relief
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.