gets extended tax perks The Tourism Infrastructure and Corazon Nufrez-Malanyaon asserted the Enterprise Zone Authority (TIEZA) need to extend the sunset clause in order has lauded Congress' adoption of to give life to the intent of ihe law ihat the the Bicameral Conference Committee incentive scheme should be implemented Report seeking to extend the grant of for 10 years. fiscal incentives for tourism enterprise TIEZA chief operating officer Pocholo zones (TEZs) until Dec. 31, 2029 or an Paragas noted that the extension of the fis- additional 10 years. cal incmtives until2029 will help encour- RA 9593 or the Tourism Act of 2009 age more tourism-related investments stipulates that ihe incentive schemes into the country which are exPected to for the tourism enterprises shail be in create more jobs and stimulate growth in effect for a period of 10 years from the the tourist destinations. effectiviW of the said law "The approved measure of the bicam- The la-w specifies that these incen- eral conference committee sought to end tives include income tax holidays, the confusion and apprehension among gross income taxation of five percent prospective investors in flagship TEZs 100 percent exemption on ail taxes and and private tourism enterpdse zones," customs duties on the importation of he added. capital equipmen! as well as the ex- The TourismAct of 2009 provided full emption of transportation and spare govemment assistance by way of com- parts from tariffs and duties. petitive investment incentives, long-term The sponsors of the bill - Sen. Rich- development fund and other financing ard Gordon and Davao Oriental Rep. schemes extended to tourism related in- vestments. Howeve4 it took seven years n PAq.-69, before *he Bureau of Internal Revenue (BIR) to iesue the regulations to enable TIEZA to grant the incentive schemes. Rep, Malanyaon, chairperson of the House committee on tourism, sdid the.-' extension seeks to rectifv the time lost for the TIEZA to implemerit these incentive schemes. On the other hand, Sen. Gor. don in his eponsorship speech, cited that this measure will be a major contributor toward the countrv's socio-economic Browth which will'help the economy and alleviate poverty through creation of more jobs and business opportunities. Gordon also noted thai the amend- ment to the Tourism Act was part of the recommendations of Committee Report 159, filed on Nov 29, 2017, as a product of the investigation due to the BIR's non- $suance of the required revenue regula' tions which led to the continuous delay in the implemenlation of the Tourism Act. As of Dec. 31, 2018, TIEZAhas already designated five flagship TEZs which is proiected to generate one million jobs in a span of 10 years while 10 privaie . TEZs with tourism enterprises will create 52000 jobs during the construction and operation stage. The prorected invest- ments for the flagship TEZs and private TEZs are estimated to readr P106 billion.