A RESOLUTION APPROVING THE AMENDMENT OF SECTION 8 OF THE IMPLEMENTING RULES AND REGULATIONS OF THE 2000 BOI-DOF MEMORANDUM OF AGREEMENT ON THE TRANSFERABILITY OF TAX CREDIT CERT…

WHEREAS, the guidelines on the transferability of tax credit
certificates issued under Article 21 of the Omnibus Investment Code of
1987 is governed by the October 13, 2000 Memorandum of Agreement (MOA)
between the Board of Investments and the Department of Finance;

WHEREAS, the detailed requirements for the implementation of the 2000
BOI-DOF MOA are provided under the Rules and Regulations to
Implement the Guidelines on Transferability of Tax Credit Certificates
Issued under Article 21 of the Omnibus Investment Code of 1987 (IRR),
which IRR forms an integral part of the 2000 BOI-DOF-MOA;

WHEREAS, there is a need to clarify and simplify the documentary
requirements specified under Section 8 of the IRR with respect to the
submission of letter-requests for transfer and clearances issued by the
Bureau of Customs (BOC) and Bureau of Internal Revenue (BIR);

WHEREAS, any amendment to the prevailing 2000 BOI-DOF MOA may be done
through a resolution duly approved by the Center’s Executive Committee,
which resolution shall be for implementation without the need for
another MOA between BOI and DOF, subject to compliance with the
provisions of EO 226 and with the required administrative procedures
under the Administrative Code.

NOW, THEREFORE, for and in consideration of the above
premises, BE IT RESOLVED, as it is hereby resolved, that
Section 8 of the IRR of the 2000 BOI-DOF MOA is hereby amended to read
as follows:

“Sec. 8 The documents to be submitted in requesting for
transfer of tax credits are:

“a) Letter request signed by the sole proprietor or the highest
executive officer of the corporate transferor or other officer/person
duly authorized for that purpose by the sole proprietor or the board of
directors in case of corporations.

X x x

“g) BIR and BOC clearances, which shall be considered, for
purposes of TCC transfer, valid as indicated below regardless of any
specified validity period indicated in the clearance, or the absence of
specified validity period.

1. BIR clearance – valid for six (6) months from date of issue

2. BOC clearance – valid for three (3) months from date of
issue”

SO ORDERED.

Adopted: 11 Dec. 2009

(SGD.) UNDERSECRETARY ESTELA V. SALES
Chairperson, DOF

(SGD.) DIRECTOR ERLINDA F. ARCELLANA
Alternate Member, BOI

(SGD.) ASST. COMM. JAMES H. ROLDAN
Member, BIR

(SGD.) EXEC. DIR. VILLAMOR VENTURA S. PLAN
Member, OSS-Center