BOI and DOF are working at full speed to finish the implementing rules and regulations (IRR) of the Tax Incentives Management and Transparency Act (TIMTA).

The IRR is about 70 percent complete and both agencies continue to meet regularly to thresh out the few remaining issues.

BOI and DOF met yesterday (May 5) to resolve the remaining outstanding issues of the IRR namely, the specific data and information that should be submitted by IPAs to companies, IPAs to BIR, BIR to BOC to DOF, and IPAs to NEDA; BOI’s evaluation of income tax holiday applications of investors; and the conduct of Cost-Benefit Analysis by NEDA.