The Bureau of Internal Revenue (BIR) has issued Revenue Memorandum Circular (RMC) 28-2022, requiring all registered business enterprises (RBEs) enjoying both fiscal and non-fiscal incentives granted by Investment Promotion Agencies such as the Philippine Economic Zone Authority and Board of Investments, to secure a Certificate of Entitlement of Tax Incentives (Ceti).

The Ceti is a requirement for all RBEs to avail of the income tax holiday or preferential tax privileges granted by the Create Law. The Ceti shall be filed with the BIR as a required attachment of the annual income tax return.

RMC 28-2022 repeals RMC 12-2012 that required the submission of a Certificate for Entitlement to Income Tax Holiday, now Ceti, within 30 days from filing of the annual income tax return.

Source:

P&A Grant Thornton

Certified Public Accountants