Eliot-pushed Investments Incentive Code approved

may 16, 2014

The newly approved investments code of Davao del Norte is giving 100-percent real property tax exemption of the share of the provincial government for one year to three years to new firms who would invest in the province.

Board Member Vicente “Enting” Eliot, proponent of the Davao del Norte Investments and Incentives Code of 2014, hailed it as big enabler for the province to attract a lot of investments especially during the Asean integration by 2015.

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“Local government units can seize on a lot of benefits as investors come in,” he said.

Under the code, firms or enterprises- whether small, medium and big scale, would have to register with and be approved first by the Provincial Investment and Incentive Board chaired by the provincial governor.

Investors will able to avail of the exemption of the basic property tax of the provincial share on the land, buildings, equipment and other improvements, as well as the exemption from franchise tax.

Besides, registered enterprises will get full provincial support through non-fiscal incentives such as one-stop business licensing facilitation, market facilitation, assistance on manpower training and development, raw material supply base development and others.

The code also gives incentives to distressed enterprises- those experiencing bad business conditions where at least 50-percent of its facilities or equipment were damaged due to natural calamities or force majeure and fire, or those sustaining damage that prevents the affected enterprise from attaining its normal operation or production capacity causing displacement of workers.

The code identifies 23 Investment Priority Areas (IPAs) that include aqua marine-based industries, manufacturing industries, aqua marine-based industries, information and communication-related industries, wellness and health facilities, shop building and repair, power generation, and other large-scale mining and others. 

It defines types of enterprises as small, which has assets worth P3 million to P15 million, medium with assets worth over P15 million to P100 million, and big-scale with assets worth over P100 million. (Rural Urban News/Cha Monforte)

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