The Philippine Economic Zone Authority (PEZA) shall no longer issue Certificates of Incentives and 5% GIT and instead issue the Certificate of Entitlement to Incentives (CETI) in accordance with the CREATE Act.
Prior to the filing of Income Tax Return (ITR), a registered business enterprise (RBE) shall apply for a CETI to confirm whether its registered project is entitled to either the Income Tax Holiday (ITH) or the 5% Special Corporate Income Tax (5% SCIT) for the taxable period. Each registered activity shall be issued a separate CETI. The CETI shall be issued uponverification of the RBE’s compliance with the terms and conditions of its registration. Request for a CETI should be filed within ninety (90) days prior to the statutory deadline for the filing of the Annual ITR.
Please be guided accordingly.
Source:
P&A Grant Thornton
Certified Public Accountants
P&A Grant Thornton is the Philippine member firm of Grant Thornton International Ltd.