The bureau recently issued Revenue Regulations (RR) No. 7-2016 dated November 15, 2016 implementing the Tax Incentives Available to Tourism Enterprises Duly Registered with the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) under Republic Act No. 9593 otherwise known as the Tourism Act of 2009.
In the regulations, it also stated the Terms, Fiscal Incentives of Tourism Enterprises Within TEs, Fiscal Incentives of Tourism Enterprises outside TEZs, Availment of Tax Incentives, Withholding Taxes, TEZs not Treated as Separate Customs Territories, Maintenance of Separate Books of Account for each TIEZA-registered Activity, Compliance with RA No. 10708, No Double Availment of Incentives Schemes, Period of Availment and Payment of Back Taxes.
These regulations shall take effect after fifteen (15) days following publication in the Official Gazette or a newspaper of general circulation, whichever comes first.
Please refer http://www.bir.gov.ph/images/bir_files/internal_communications_1/Full%20Text%20RR%202016/RR%20No.%207-2016.pdf of the full text of RR No. 7-2016.
