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Enterprises in the Philippine Special Economic Zone will conditionally qualify for zero value-added tax rate

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(@james-ode-watt)
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According to a report by the Filipina Business World newspaper, the Philippine Taxation Bureau (BIR) recently issued a memorandum stating that if developers, operators, and real estate developers in special economic zones and industrial parks exclusively use an area for export enterprises that exceeds the 70% threshold for rental or saleable area, registered export enterprises are eligible for zero value-added tax rate and do not need to apply for approval from BIR.

In addition, the Philippine Taxation Bureau has set minimum standards for special economic zones, such as hardware standards for road laying, power systems, water supply, drainage systems, sewage treatment facilities, pollution control systems, and other facilities required for export business, as well as other requirements such as high-speed telecommunications networks, uninterrupted power supply, and computer security systems.


   
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