747 live Better incentives await medium, large Quezon City enterprises
MANILA, Philippines — Quezon City Mayor Joy Belmonte has approved an ordinance updating the incentives provided by the local government to medium and large enterprises.
The ordinance, which updates the city’s economic development incentives code, aims to offer “better and more customized fiscal incentive packages to medium and large businesses,” the local government said.
Under the policy, new medium and large enterprises with assets of more than P15 million (excluding land value) may apply for a two-year exemption from business, amusement, franchise and real property taxes on registered land and new buildings constructed within two years from registration.
An additional year of exemption will be given if the newly registered enterprise is engaged in a business listed in the latest investment priorities plan of the city, which includes circular and sustainable infrastructure, creative economy and industry, inclusive economy as well as innovation and development.
Businesses that establish a new branch in Quezon City can also benefit from a two-year tax exemption.
Those relocating their central offices to Quezon City may also receive a 10-year tax exemption from situs tax for all their gross sales outside the city.
Businesses that have maintained their principal office for 15 years are eligible for a 10-percent discount on their situs tax for all gross sales outside the city for one year.
“We have implemented the necessary changes to the incentives we provide to medium and large enterprises as part of efforts to attract more investors to channel their resources, expand or relocate their businesses in the city to strengthen local economic progress,” Belmonte said.
The measure was introduced by Councilors Wency Lagumbay, Doray Delarmente, Banjo Pilar and Chuckie Antonio.
Business owners who want to avail themselves of the incentives must register with the Local Economic Investment Promotions Office, which is tasked to monitor compliance with and ensure the proper implementation of the ordinance.
The applications for incentives will be subject to the approval of the QC Economic Development and Investments Board. 747 live