20 July 2018
PHILIPPINES: Zero Levies Re-instated for Approved FDI Imports
FDI-backed businesses can once again import certain approved capital goods on a duty-free basis. The move sees the revival of an incentive scheme that originally expired in May this year, with eligible businesses now exempt from import levies on a range of items – including machinery, spare parts and accessories – until the end of June 2019.
In order to qualify for the scheme, businesses must be registered with the country’s Board of Investment (BOI), while there must also be no locally-produced equivalents of comparative price and quality to the proposed import items. Once imported, all such zero-levied items cannot be sold on or otherwise disposed of without prior BOI approval for five years.