Gov’t approves tax perks for Hanjin rehabilitation
May 10, 2022 - Tuesday 6:05 PM by GDM
The government has approved the grant of tax incentives to Project AGILA for the redevelopment and operations of the Hanjin shipyard in the Subic Bay freeport zone.
In a statement on Tuesday, the Department of Finance said the tax breaks were cleared by the Fiscal Incentives Review Board (FIRB) upon the Subic Bay Metropolitan Authority (SBMA).
This project is funded by United States (US)-based private equity firm Cerberus Capital Management.
Finance Secretary and FIRB Chairman Carlos Dominguez III supported the approval of the tax perks for Project AGILA with a total project cost of P17 billion as the rehabilitation of the Hanjin shipyard present economic potential, given its strategic location near the West Philippine Sea (WPS).
The project was granted special corporate income tax (SCIT), value-added tax (VAT) exemption from importation, VAT zero-rating on local purchases, and duty exemption on importation.
“We expect the project to create jobs in the adjacent communities, increase economic activity as well as support the national government’s economic recovery efforts,” said Dominguez.
He added, “The resumption of operations in the shipyard will also prompt development and productivity in the area, which can attract more investment opportunities into the country.”
Furthermore, the project will cater to the Philippine Navy (PN) and potential export locators.
It will be beneficial, specifically to the Navy, as it will involve the safety and efficiency of the Philippine government ships’ performance and strengthen national security.
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