Question & AnswerQ&A (BOI CIRCULAR NO. 2014-01)
The circular amends Rule 1, Section 2 of the Revised Rules of Procedure on the Cancellation of Registration under Executive Order No. 226, also known as the Omnibus Investment Code of 1987.
Registration may be canceled due to a delay of the project timetable by one year, withdrawal from business, suspension of operations for more than one year, failure to maintain qualifications, violations of the Code or its implementing rules, misrepresentations, or acts in violation of laws related to labor or consumer protection, among others.
Voluntary surrender of certificate of registration will only be entertained after a period of five years from the last year of Income Tax Holiday (ITH) availment.
The project timetable must be delayed by one year unless the enterprise is reinstated as registered by the Board.
Board Resolution No. 20-12 dated June 10, 2014.
Yes, if the suspension of business operations extends beyond one year or beyond the period allowed by the Board.
Misrepresentations or false statements made by the registered enterprise in any documents submitted in connection with its registration with the Board.
Violations of the Omnibus Investment Code, its Implementing Rules and Regulations, terms and conditions of registration, and any law for the protection of labor or the consuming public.
The Board of Investments, through its Board of Governors and Executive Director, has the authority to cancel registration.
It took effect fifteen days after publication in a newspaper of general circulation, following its filing on July 30, 2014.
Such violations can be grounds for cancellation of registration under the amended rules.