Tax Alert No. 19 [Revenue Memorandum Circular (RMC) No. 37-2022 dated 06 April 2022]

Clarificatory Guidelines on the Submission of Certificate of Entitlement to Tax Incentives Pursuant to RMC No. 28-2022

RMC No. 37-2022 has been issued to clarify the coverage of the provisions stated in RMC No.28-2022 which mandate that all registered business enterprises (RBEs) enjoying tax incentives under the transitory provisions of Republic Act No. 11534, otherwise known as Corporate Recovery and Tax Incentives for Enterprises Act and those who are registered under the said law shall apply for a Certificate of Entitlement to Tax Incentives (CETI) with their respective Investment Promotion Agency (lPA) through the Fiscal Incentives Registration and Monitoring System (FIRMS) prior to the filing of the Annual Income Tax Return (AITR).

However, RBEs which have been issued with a certificate of entitlement to tax incentives in a template/format previously prescribed by the IPA, such as, certificate of entitlement to income tax holiday, certificate of available incentives, certificate of registration and tax exemption, or any similar certificate, as proof of the RBE's entitlement to fiscal incentives, shall be allowed to attach the same in their AITR for taxable year 2021, in lieu of the Fiscal Incentives Review Board-prescribed CETI.