TAX INCENTIVE. Catarman town, the Northern Samar provincial capital. The provincial government of Northern Samar is providing tax incentives for up to five years for investors in agriculture and tourism under its revised local investment code. (File photo)
TACLOBAN CITY – The provincial government of Northern Samar is providing tax incentives for up to five years for investors in agriculture and tourism under its revised local investment code.
Entitled to tax holidays are firms investing in agriculture, fisheries, forestry, hotels, resorts, and tourist transport operators, the provincial government announced on Thursday.
These businesses should be involved in mariculture development, coconut by-product production, integrated agro/marine processing, integrated feed mills for livestock, poultry, fisheries, commercial hatchery operations, and cold chain processes for agriculture and marine products.
Other priority investments in agriculture are fruits, fruit trees, and vegetables.
Also considered priorities are sports and recreational facilities, eco-tourism and agri-tourism establishments, and theme parks dedicated to nature and adventure.
“Businesses aligned with the identified investment priority areas may qualify for incentives designed to encourage and support investments crucial for economic development. These incentives take various forms, including local tax holidays, permit fee exemptions, and real property tax exemptions,” the provincial government said in a statement.
Registered enterprises are exempted from local business taxes for two to five years. The period of exemption varies depending on the
capitalization, number of hired local workers, local raw material requirements, nature of the technology used, pollution factor, and location.
Investments in priority areas are also exempt from real property taxes and permit fees.
Non-fiscal incentives include assistance in site location, joint venture partner identification, networking with concerned national government agencies, and facilitation of financial services.
With better infrastructure and the dying threat of the New People’s Army, Northern Samar province has opened its door to more investors to steer the local economy.
The provincial government held the first business conference on June 21 last year, providing a venue for local government officials to discuss business plans and opportunities.
Every municipal government has updated its local incentives and investment code with tax holidays, aligning them with the provincial code.
The local government is upbeat that the presence of the NPA, which has had a bad image in the province for several years, will end soon. (PNA)
