HOR approves retention of incentives to Jewelry Industry

The House of Representatives approved on 2nd reading last 4 March 2009, House Bill No. 5241 or the Rationalization of Fiscal Incentives which adopts the retention of incentives to the jewelry industry. The Jewelry Industry Development Act of 1998 grants the following incentives to BOI registered jewelers: entitlement to excise tax exemption; zero duties on imported capital equipment & raw materials; and deduction from taxable income of 50% of expenses incurred in training.

The other EDC position adopted in the approved bill includes the continued Income Tax Holiday incentives to exporters and the domestic enterprises.

EDC, in partnership with PHILEXPORT and the jewelry industry, will pursue advocacies in the Senate upon resumption of sessions in the 3rd week of April 2009.

Source: EDC Informs March 2009