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TIEZA

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TIIE Tourism Infrashuchne and Enter-
Dris€ Zone Authority welcomes the
adop
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o iion oflhe gicameml Confererce Commit-
tee Rgoort ol both chambers o[ Congress
fF which seeks o extend the grant offiscal in-
centives for tourism elrrprises zones until
fJec. 3t" 2029 or equivalent to additional
I 0 more vears.
ttA 95'93 or Tourism Act of 2009 stip-
ulates that the incentive schemes for the
iourism enterprises shall be in effect for
a periorl of 10 years from the efectivity
ofthe said law.
The Act specifies that these incentives
include income tax bolidays. gross mcome
taxation of five percen! 100 p€rcent ex-
emotion on all taxes and cusloms duties
on ihe inrporution ofcapital equipmenl
as

as thl exemption oftransportation and


well
soare oarts fiom tariffs and duties'
'et r ttre adoption of the bicameral
cofirniftir€pod on Feb 6. 2019' the pro-
posed measm will be ransmined to the
Pasident for signatue.
Senator Richard Gordon was the spon-
sor of the bill in tre Senate and Davao
Oriental Representative Comzon Nunez-
Manlayaon s:porsored the bill in 0re Housc
ofReoresentativ€s.
The sponsors of Lhe bill assened the
neerl to ixtend the sunset clause in order
to sivc life tol-be intent of the law that
rhe*incentive scheme sbould be imple-
mented for 10 Years.
During the deliberations, there was
a coosensus that the tourism enterpnse
zone development has a major impact
in the economic development of the
orovince where the tourist destina-
iion is located and in rbe go\a1h oflhe
tourist industry in general.
TIEZA Chief Operaling Officer Po-
cholo Paragas noted that the exrcnsion
ofthe fiscal incentives until 2029 will
ltelp en.ourug. more tourisrn-related
investmens into tbe country which are
Ftne.te.l to create more iobs and stim-
riJr" *"-*,ft in the rouriit destinations'
"Th-e aPProved measure of the bi-
cameral conference commitlee sought
to end the confusion and apprehension
among prospective investors in flag-
ship iEZs and private tourism enter-
prise zones," he added.

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