(FIRB Advisory No. 005-2023, issued on March 15, 2023)
This Tax Alert is issued to inform all concerned on the extension of the bond-free period for Registered Business Enterprises (RBEs) in the Information Technology and Business Process Management (IT-BPM) sector allowing the movement of equipment and other assets outside the economic zone or freeport zone without posting any bond.
The said bond-free period shall be extended from March 31, 2023 to June 30, 2023.
The extension aims to give IT-BPM RBEs additional time to process the Tax Exemption Indorsement (TEI) from the Department of Finance – Revenue Office (DOF-RO), covering existing goods imported as of January 31, 2023.
.
