QC APPROVES BUSINESS INCENTIVES CODE

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Mayor Herbert Bautista of Quezon City (QC) has signed into law an ordinance providing incentives to business enterprises that generate significant levels of investments and employment in the city. Under the newly approved Economic Development Incentives Code of Quezon City, qualified enterprises shall be provided fiscal and non-fiscal incentives in line with the QC government’s continuing effort to encourage the growth of domestic and foreign investments in the city. Among the fiscal incentives being offered are tax holidays on real property, special deductions on the gross income for business taxes (P5 million for qualified medium enterprises and P10 million for qualified large enterprises) and exemptions from the payment of franchise and amusement taxes as well as tax on transfer of real property ownership.

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