Saturday, 19 June 2010 06:51
FINISHED GOODS, on top of raw materials, can soon be imported and traded tax-free within the Bataan Economic Zone and nearby areas as the site is slated to become a free port in 15 days.
This comes as the implementing rules of Republic Act 9728 -- which last year turned Mariveles, Bataan, into a free port -- was published yesterday.
It essentially allows more firms, including those outside the 1,733-hectare economic zone, to avail of the following incentives: income tax holiday; a 5% tax on gross income in lieu of national and local taxes except real property tax on land; duty-free import privileges; 0% value-added tax on the purchase of machinery, capital equipment or raw materials by export enterprises from domestic manufacturers; tax credit for materials to be used in making export products, tax deductions for training expenses, exemption from wharfage fees; and the employment of foreign nationals.
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