- Guidelines on Transferability of Tax Credit Certificates
- Amendment to the Amended MOA Dated February 14, 2006
AMENDMENT TO THE AMENDED MEMORANDUM OF AGREEMENT DATED FEBRUARY 14, 2006 DEFINING THE GUIDELINES ON TRANSFERABILITY OF TAX CREDIT CERTIFICATES ISSUED UNDER EXECUTIVE ORDER NO. 226, THE OMNIBUS INVESTMENT CODE
Pursuant to Section 9 of the Memorandum of Agreement (MOA) dated October 13, 2000 executed by and between the Board of Investments (BOI) and the Department of Finance (DOF) in compliance with the provision of Article 21 of
"1. Transfers by companies belonging to a distressed industry sector
Transferors belonging to an industry sector which BOI has assessed to be in distress shall be allowed for transfer their outstanding TCCs to any BOI-registered transferees and government financial institutions without requiring them to comply with the conditions imposed under Section 1c, 1e and 1f of the prevailing MOA, provided that this type of transfer shall be allowed for one year only from official notification to the Center by BOI that the Industry sector is in distress, without prejudice to renewal thereof upon approval by the Executive Committee."
"2. Section 9 of the MOA is hereby amended to include the following paragraph:
"Henceforth, in order to simplify the administrative process in amending the existing MOA, and since BOI and DOF are well represented in the Center's Excom, any amendment to the prevailing MOA including exceptions to the guidelines for meritorious consideration shall now be done through a resolution duly approved by the Center's Executive Committee, which resolution shall be for implementation without the need for another MOA between BOI and DOF, subject to compliance with the provisions of ECSHAD
(SGD.) PETER B. FAVILA
Department of Trade & Industry
(SGD.) MARGARITO B. TEVES
Department of Finance
Signed in the presence of:
(SGD.) ELMER C. HERNANDEZ
Board of Investments
(SGD.) GAUDENCIO A. MENDOZA, JR.
REPUBLIC OF THE PHILIPPINES }
NATIONAL CAPITAL REGION }S. S.
CITY OF MANILA }
SUBSCRIBED AND SWORN to before me this 9th day of March, 2006, in the City of Manila, affiants exhibited to me their Community Tax Certificate as follows:
|MARGARITO B. TEVES|| |
|PETER B. FAVILA|| |
IN WITNESS THEREOF, I have hereunto set my hand and affixed my notarial seal on the day, year, and place above written.
(SGD.) ATTY. JOAQUIN M. CHUA
NOTARY PUBLIC MANILA
COMMISSION EXPIRES-DEC. 31, 2006
P.T.R. NO. 3721596-1-31-05 MLA.
ROLL OF ATTORNEY NO. 25202
IBP O.R. NO. 595079-1-25-05
Doc. No. 188
Page No. 39
Book No. XII
Series: of 2006
Published in The Philippine Star on March 13, 2006.