August 7, 1985

EXECUTIVE ORDER NO. 1045

MODIFYING FISCAL INCENTIVES TO BOI-REGISTERED ENTERPRISES

WHEREAS, under Article 57 of

WHEREAS, some of the incentive schemes provided under the

WHEREAS, for the optimal use of fiscal incentives by manufacturers, there is a need to realign and restructure such incentives.

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the

SECTION 1. Effective January 1, 1987, the incentive to export producers of tax and duty exemption on imported capital equipment and tax credit on domestic capital equipment provided for under Articles 48 (a) and 48 (b) of DEIHSa

SECTION 2. Effective January 1, 1987, the tax credit on net local content provided under Article 48 (d) of the

SECTION 3. Effective January 1, 1987, the provision of Article 49 (d) of the

SECTION 4. The provisions of the preceding sections notwithstanding, enterprises approved/registered with the Board of Investments prior to April 1, 1985 shall not be affected by the above modifications. Enterprises approved for registration by the Board of Investments after April 1, 1985 and in operation before April 1, 1987 shall continue to enjoy the provision of Articles 48 (a), 48 (b), 48A (a), 48 (d) and 49 (d) of the

SECTION 5. BOI-registered enterprises, whether domestic or export producers, located in the Phividec Industrial Estate shall not be subject to local taxes as provided in Section 9 of

SECTION 6. Enterprises registered with the Board of Investments as domestic or export producers under Book I of the

SECTION 7. All other laws, decrees, executive orders, administrative orders, rules and regulations, or parts thereof which are inconsistent with the provisions of this Order are hereby repealed, amended or modified accordingly.

SECTION 8. Unless otherwise provided herein, this Executive Order shall take effect immediately.

DONE in the City of Manila, this 7th day of August, in the year of Our Lord, nineteen hundred and eighty-five. cDTSHE