Clark maintains incentives for investors
By JOEY AGUILAR, The Manila Times Central Luzon Bureau
ANGELES CITY - More than 400 investors at the Clark Special Economic Zone will continue to enjoy tax incentives.
In a press statement, Clark Development Corp. officials said they are keeping a status quo on the granting of tax and duty-free incentives for investors in Clark.
In a Supreme Court ruling on July 29, the CSEZ disallows the granting of tax and duty-free privileges on economic zones aside from Subic.
CDC president Antonio R. Ng said the High Court’s decision to scrap the tax and duty perks is not final.
CDC executives will meet with Bureau of Internal Revenue and Bureau of Customs officials to reemphasize previous agreements "to hold-off any premature actions" pending final resolution, according to Ng.
The Court’s decision declared null and void Section 5 of Executive Order 80 and section 4 of the Bases Conversion and Development Authority Board Resolution No. 03-05-034 disallowing the CSEZ from granting the same tax and duty-free privileges available at Subic.
Ng explained the Court’s decision affirmed that legislative matters involving tax and incentives need to come from Congress and not from the executive. He added, "This is expected to pave the way for the permanent correction for CSEZ."
Edgardo Pamintuan, the President’s adviser for external affairs, said the joint resolution filed by the Congress and the Senate clearly explains the urgency to resolve the issue of incentives for Clark locators.
Pamintuan said that President Arroyo is seeking to boost investments in Clark.
ANGELES CITY - More than 400 investors at the Clark Special Economic Zone will continue to enjoy tax incentives.
In a press statement, Clark Development Corp. officials said they are keeping a status quo on the granting of tax and duty-free incentives for investors in Clark.
In a Supreme Court ruling on July 29, the CSEZ disallows the granting of tax and duty-free privileges on economic zones aside from Subic.
CDC president Antonio R. Ng said the High Court’s decision to scrap the tax and duty perks is not final.
CDC executives will meet with Bureau of Internal Revenue and Bureau of Customs officials to reemphasize previous agreements "to hold-off any premature actions" pending final resolution, according to Ng.
The Court’s decision declared null and void Section 5 of Executive Order 80 and section 4 of the Bases Conversion and Development Authority Board Resolution No. 03-05-034 disallowing the CSEZ from granting the same tax and duty-free privileges available at Subic.
Ng explained the Court’s decision affirmed that legislative matters involving tax and incentives need to come from Congress and not from the executive. He added, "This is expected to pave the way for the permanent correction for CSEZ."
Edgardo Pamintuan, the President’s adviser for external affairs, said the joint resolution filed by the Congress and the Senate clearly explains the urgency to resolve the issue of incentives for Clark locators.
Pamintuan said that President Arroyo is seeking to boost investments in Clark.
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