You’ll keep incentives, ecozone investors told
By MARK LOUIE ROXAS and JOEY AGUILAR, The Manila Times Central Luzon Bureau
CLARK FIELD, Pampanga - A Palace aide allayed on Thursday the fears of investors at the Clark Economic Zone that they would be liable for back taxes following a Supreme Court decision nullifying the tax exemptions granted to economic zone locators.
Secretary Edgardo Pamintuan, presidential adviser for external affairs, said investors at Clark Field and other economic zones need not fear having to pay back taxes covering nine years because the government is ready to condone the taxes and incentives granted to them.
The Court on March 29 affirmed its October 23, 2003, decision that Section 3 of Proclamation 420 was null and void because the Bases Conversion Development Authority charter (R.A. 7227) granted tax exemptions only to the Subic Special Economic Zones to be created at the time via presidential proclamation.
The Camp John Hay Development Corp. (CJHDC) appealed the decision on March 5.
The Supreme Court decision stirred fears among investors, particularly those at Clark Field, that they might have to pay nine years in back taxes.
"The government is doing its best so as not to affect the fiscal incentives of investors at Clark and other special economic zones," Pamintuan said.
According to him, R.A. 7227 will be amended so that investors in all economic zones in the country will enjoy the benefits and privileges enjoyed by investors in the Subic special economic zone.
Pamintuan said President Arroyo will certify the measure as urgent and will be part of a legislative initiative to consolidate investment incen
CLARK FIELD, Pampanga - A Palace aide allayed on Thursday the fears of investors at the Clark Economic Zone that they would be liable for back taxes following a Supreme Court decision nullifying the tax exemptions granted to economic zone locators.
Secretary Edgardo Pamintuan, presidential adviser for external affairs, said investors at Clark Field and other economic zones need not fear having to pay back taxes covering nine years because the government is ready to condone the taxes and incentives granted to them.
The Court on March 29 affirmed its October 23, 2003, decision that Section 3 of Proclamation 420 was null and void because the Bases Conversion Development Authority charter (R.A. 7227) granted tax exemptions only to the Subic Special Economic Zones to be created at the time via presidential proclamation.
The Camp John Hay Development Corp. (CJHDC) appealed the decision on March 5.
The Supreme Court decision stirred fears among investors, particularly those at Clark Field, that they might have to pay nine years in back taxes.
"The government is doing its best so as not to affect the fiscal incentives of investors at Clark and other special economic zones," Pamintuan said.
According to him, R.A. 7227 will be amended so that investors in all economic zones in the country will enjoy the benefits and privileges enjoyed by investors in the Subic special economic zone.
Pamintuan said President Arroyo will certify the measure as urgent and will be part of a legislative initiative to consolidate investment incen
posted by Anonymous at
8:51 PM
0 Comments:
Post a Comment
<< Home