Tax Incentives for Renewable Energy Companies to be Eased

The Philippine Department of Energy announced on 6th that it will ease the conditions for applying tax incentives to renewable energy companies. The Department of Energy will revise the implementing regulations of the Renewable Energy Act of 2008. The main pillars of the amendment are the reduction of the corporate income tax rate to 10 percent and the easing of requirements for the application of preferential treatment, such as reducing the value-added tax (VAT) to zero. According to the Philippine state-run news agency, the government is now in the process of publishing the ministerial ordinance in major newspapers. Under the current rules, only businesses that have operated renewable energy facilities for more than seven years or acquired facilities that have been in operation for the same number of years are eligible for corporate tax breaks.

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