PEZA bucks removal of 5% tax on GIE

PEZA Director-General Charito B. Plaza emphasized that the 5 percent GIE is significant in facilitating ease of doing business in the country. Under the scheme, PEZA-registered firms would have to remit 2 percent of their GIE directly to the local government and 3 percent to the national government.

The GIE simplifies tax payments processes. Instead of dealing with various government bureaucracies and agencies for their tax payments, an investor will just have to pay 5 percent GIE. PEZA, as a one-stop-shop for investors, administers all the incentives that are due to these registered enterprises.

Contrary to claims that PEZA locators enjoy the 5 percent GIE perpetually, Plaza said that PEZA incentives are not for life. Aside from GIE, PEZA grants income tax holiday, maximum of 8 years; zero VAT rating for local purchases, tax and duty-free importation of capital equipment, and tax deduction on training expenses.

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