Title
Supreme Court
Amendment of BOI Registration Cancellation Rules
Law
Boi Circular No. 2014-01
Decision Date
Jul 5, 2014
The Philippine Board of Investments (BOI) has amended the rules for the cancellation of registration for BOI-registered enterprises, providing clearer guidelines and criteria to ensure compliance with requirements and regulations, promoting transparency and accountability in the business sector.

Law Summary

Grounds for Cancellation of Registration

  • Delay of project timetable by one year without reinstatement by the Board.
  • Withdrawal from business or cessation of operations.
  • Suspension of business operations exceeding one year or the period allowed by the Board.
  • Voluntary surrender of certificate of registration only after five years from last year of Income Tax Holiday (ITH) availment.
  • Failure to maintain qualifications required for registration under the Code.
  • Violation of any provision of the Omnibus Investment Code.
  • Violation of Implementing Rules and Regulations or any terms and conditions of registration.
  • Violation of laws protecting labor or consumers.
  • Misrepresentation or false statements in documents submitted to the Board.
  • Acts or omissions in violation of laws, decrees, executive orders, or regulations the Board is tasked to enforce or implement.

Restoration and Reinstatement

  • The Board holds discretion to reinstate enterprises delayed in their project execution within the one-year period.

Conditions on Voluntary Surrender

  • Surrender of registration certificate to be entertained only after five (5) years from the last year an enterprise enjoyed ITH benefits.

Effective Date of the Circular

  • The amendment circular takes effect fifteen (15) days after publication in a newspaper of general circulation.

Legal Implications for Violations

  • Cancellation serves as sanction for non-compliance, misrepresentation, or violations affecting labor, consumer protection, or adherence to the Code and relevant regulations.

Authority and Enforcement

  • Enforced and administered by the Board of Investments which has the authority to cancel registrations based on specified grounds and to reinstate qualified enterprises.

Documentation and Submission Requirements

  • Registered enterprises are obliged to submit truthful and accurate documents; misstatements are grounds for cancellation.

Suspension and Cessation Provisions

  • Suspension or cessation beyond prescribed periods triggers cancellation proceedings to maintain compliance integrity of registered businesses.

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