OTHER AGENCIES tasked with Tax Collection and Tax Incentives

Question 1

It is tasked to administer collection of tariffs on imported articles and collection of VAT on importation. It has also has regulatory functions.

Answer 1

Bureau of Customs (BOC)

Question 2

It is tasked to lead the promotion of investments in the Philippines by assisting Filipinos and foreign investors to venture and prosper in desirable areas of economic activities.

Answer 2

Bureau of Investments (BOI)

Question 3

It is created to promote investments in export-oriented manufacturing industries in the Philippines and supervise the grant of fiscal and non-fiscal incentives.

Answer 3

Philippine Economic Zone Authority (PEZA)

Question 4

enjoy tax holidays for certain years , exemption from import and export taxes and local taxes.

Answer 4

PEZA registered Enterprises

Question 5

An attached agency of the Department of Trade and Industry (DTI)

Answer 5

PEZA

Question 6

Provinces, municipalities, cities and barangays also imposed and collect various local taxes, fees and charges to rationalize their fiscal autonomy.

Answer 6

Local Government Tax Collecting Units

Question 7

Has oversight function on the administration and grant of tax incentives

Answer 7

Fiscal Incentive Review Board (FIRB)

Question 8

It approves or disapproves grant of tax incentives to private entities and tax subsidies to government owned or controlled corporations, instrumentalities, commissaries and state universities and colleges.

Answer 8

FIRB