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Wednesday, April 19, 2006
Firm starts work on another IT zone bldg. at JY Square
In anticipation of an increasing demand for commercial spaces, especially for call center operations, Jovima Management and Development Corp. (Jovima) is constructing another building, which it calls IT (information technology) Center 3.
Jovima is the parent company of JY Square Discovery Mall and JY Square Supermarket.
Company manager Orly Vizcayda told Sun.Star Cebu that Jovima has applied for an “IT zone” accreditation for IT center 3, along with JY Square Supermarket, which it calls IT center 2, with the Philippine Economic Zone Authority (Peza).
Peza has already declared JY Square Discovery Mall or IT center 1, an IT zone.
Tax holiday
Firms located in IT parks or zones enjoy income tax holiday of four years for non-pioneer IT enterprises or six years for pioneer IT enterprises. They have the option to pay a special five percent tax on gross income instead of national and local taxes.
They are not exempted from paying real property taxes, though.
IT park investors are also exempted from payment of import duties and taxes on imported equipment and raw materials.
Resident status
Foreign investors, who make an initial investment of $150, 000 on IT projects, will also be granted permanent resident status in the country.
Vizcayda said Jovima aims to finish construction of the six-story IT center 3, which will rise on a 1.5-hectare lot beside the mall, by the end of next year.
The initial target was to complete the project by December this year.
“But the agreement between our partner-investor bugged down. We are now talking with another partner. However, with or without a partner, the building will be available for prospective locators by next year,” Vizcayda said. (JBN)
For Bisaya stories from Cebu. Click here. (April 19, 2006 issue)
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