The Fiscal Incentives Review Board (FIRB) revealed that the Philippine Economic Zone Authority (PEZA) is not tracking the inflow of actual investments made by its registered business enterprises (RBEs).
The Fiscal Incentives Review Board revealed that the Philippine Economic Zone Authority is not tracking the inflow of actual investments made by its registered business enterprises .
PEZA submitted incomplete information about the investment capital and market orientation of its locators when it was asked to send data to the FIRB as part of the compliance of investment promotion agencies with the provisions of the CREATE Law, Danofrata said. As of April 30 or almost 10 months after the implementing rules and regulations of CREATE was signed, only four out of 14 IPAs were able to substantially comply with the reportorial requirements of the FIRB as mandated under CREATE.
She said these reports from IPAs are also shared with other government agencies, especially the Bureau of Internal Revenue , for monitoring, audit, and other purposes consistent with the target outcomes of CREATE.
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