Clarifications on compliance rules under TIMTA

(DOF-DTI Joint Memorandum Circular No. 2016-01; and PEZA MC 2016-035)

  1. Deadline for submission of TIMTA reports by Registered Business Entities (RBEs) for taxable year 2015 is extended to November 15, 2016.
  2. For fiscal years ending January 31 to July 31, the deadline is December 15, 2016.
  3. Only RBEs availing of incentives are mandated to submit the TIMTA reports.
  4. Thus, the following are no longer required to submit:
    1. International organizations invoking tax treaties or international agreements
    2. Entities registered but not qualified for incentives
    3. Entities registered and qualified did not avail of incentive during the taxable year
    4. Entities registered but whose incentives entitlement period has expired
    5. Entities registered but utilize special or preferential treatment by virtue of Free Trade Agreements
    6. Regional or Area Headquarters and Regional Operating Headquarters

PEZA advises REBs to review their reports and refer to the notes to the Annual Tax Incentives Report which provides the description of each column in order to avoid inaccurate reports. Amended reports can also be submitted within the deadline.