Tax Incentives Management and Transparency Act (TIMTA)
In 2015, Republic Act No. 10708 or the Tax Incentives Management and Transparency Act was enacted to enable government to monitor, review, and analyze the economic impact of tax incentives. It aims to promote fiscal accountability and transparency in the grant and management of tax incentives by developing the means to promptly measure the government’s fiscal exposure. Under the law, the NEDA shall conduct a cost-benefit analysis on investment incentives to determine the impact of such incentives on the Philippine economy based on the aggregate annual tax incentives reports, as well as aggregate investment-related data (on sectoral or industry basis) submitted by IPAs to the NEDA.
This report covers taxable year 2015 and uses information/data submitted by the RBEs to the following IPAs : Board of Investments, Philippine Economic Zone Authority, Clark Freeport Zone, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, Poro Point Freeport Zone, Bases Conversion and Development Authority and Zamboanga City Special Economic Zone Authority and Freeport.