NAGMAMADALI Andren has a “hard out” because he has a gig in QC. Therefore, in true Bago Matulog no standard fashion, we recorded a short episode! Listen to Bago Matulog on Spotify open.spotify.com/episode/5Xjq...
As an entertainer/actor myself, who works on a giant network. I want to know your thoughts, especially you, Red. About the newly signed Eddie Garcia law. 😅
baket hindi? mas gusto nila mag commute ang mga tao papunta sa PEZA zones dahil dun lang nata-transfer ang pera ng middle income dun sa mga bus driver, paresan, restaurants, etc. i hate peza zones.
The Philippine Economic Zone Authority (PEZA) plays a crucial role in promoting foreign investments and economic development in the Philippines. Here's a more detailed explanation: 1. **What is PEZA?** - PEZA is a government agency established in 1995 under the Special Economic Zone Act of 1995 (Republic Act No. 7916). Its primary purpose is to create and manage special economic zones (SEZs) across the country. - SEZs are designated areas where businesses can enjoy various incentives, tax breaks, and streamlined processes to encourage investment, job creation, and export-oriented activities. 2. **Functions of PEZA:** - **Attracting Foreign Investments:** PEZA aims to attract foreign investors by offering a favorable business environment. It provides incentives to companies that set up operations within its economic zones. - **Promoting Export-Oriented Industries:** PEZA focuses on industries that contribute to exports, such as manufacturing, information technology, business process outsourcing (BPO), and logistics. - **Facilitating Business Setup:** PEZA assists companies in establishing their operations by simplifying registration, licensing, and other administrative processes. - **Providing Tax Incentives:** Businesses within PEZA zones enjoy tax holidays, reduced income tax rates, and exemptions from local government taxes. - **Infrastructure Development:** PEZA invests in infrastructure within the zones, ensuring reliable utilities, transportation, and connectivity. 3. **Incentives Offered by PEZA:** - **Income Tax Holiday (ITH):** New PEZA-registered companies can enjoy an ITH for a specific period (usually 4 to 6 years). During this time, they pay no income tax. - **Special 5% Tax on Gross Income Earned (GIE):** After the ITH period, companies pay a flat 5% tax on their gross income instead of regular corporate income tax. - **Duty-Free Importation:** PEZA-registered companies can import capital equipment, raw materials, and supplies without paying customs duties and taxes. - **Simplified Customs Procedures:** PEZA streamlines customs processes for imports and exports. - **Other Non-Fiscal Incentives:** These include flexibility in labor management, simplified visa requirements for foreign employees, and access to skilled labor pools. 4. **Eligibility and Requirements:** - To qualify for PEZA incentives, companies must operate within PEZA-approved economic zones. - They need to submit an application, demonstrate their export-oriented activities, and comply with PEZA regulations. 5. **Challenges and Criticisms:** - While PEZA has been successful in attracting investments, some critics argue that it favors large corporations over small and medium-sized enterprises (SMEs). - There are concerns about environmental impact, labor rights, and the concentration of economic activities in specific regions. In summary, PEZA's legal protection and incentives encourage foreign investment, boost exports, and contribute to the country's economic growth. 🌟🇵🇭
