BOI empowered to extend tax incentives

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EXECUTIVE ORDER NO. 569: BOI empowered to extend tax incentives

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Title Source: Supreme Court: BOI empowered to extend tax incentives

Law: Executive Order No. 569

Decision Date: Nov 23, 1979

Executive Order No. 569 grants the Board of Investments in the Philippines the authority to extend incentives and tax exemptions for registered enterprises, particularly those in distressed conditions, in order to support industrial growth and development.

Law Summary

Criteria for BOI to Liberate Incentives Without Presidential Approval

Registered enterprise suffered heavy financial losses and is in distressed condition.
Enterprise experienced operational force majeure events adversely impacting viability.
Enterprise did not fully enjoy BOI incentives for reasons beyond its control.
Project has a gestation period that exceeds the original incentive availment period.
Operations affected by unforeseen changes in government policies or external protectionism impacting competitiveness.

Requirement for Presidential Approval in Other Cases

For cases outside the specified criteria, BOI must seek the President's approval to extend incentives or increase tax exemption rates.
This follows the authorization under Presidential Decree No. 1584.

Repealing Clause

All laws, decrees, executive orders, administrative orders, rules, or regulations inconsistent with this executive order are repealed, amended, or modified accordingly.

Effectivity

The Executive Order takes effect immediately upon issuance on November 23, 1979.

END