The Philippine Board of Investments (BOI) recently approved tax incentives for tourism enterprises that will upgrade and modernize their facilities for safety and health purposes said Department of Tourism Secretary Bernadette Romulo-Puyat last June 10, 2020.
The tax relief includes income tax holiday for three years and duty-free importation of capital equipment.
Tourism enterprises that are eligible for tax relief include hotels and resorts, tourist transport companies, and MICE (meetings, incentives, conferences, and exhibitions) facilities.
“DOT (Department of Tourism) and BOI will grant tax incentives for these enterprises,” she said during the virtual Kapihan sa Manila Bay forum.
Upgrades may include the renovation of guest rooms, food and beverage outlets, function meeting rooms, and recreation areas as well as investments in new laundry and kitchen facilities.
“Tourism isn’t just a headcount of visitors, more importantly, it is an industry that creates jobs and supports communities,” she said.
Arthur Lopez, president of the Philippine Hotel Owners Association, who was participant at the same forum welcomed the approval.
“The hotels will be investing in technology—contactless and touchless… This BOI incentive will help a lot the hotels to pay for these upgrades,” he said.