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THURSDAY, FEERUARY 2I, 2Or9

"Ratifying this bicameral


conference committee report is
Tourism another milestone in the tour-
ism irdustry albeit delayed. The

body gets l0
primary purpose of the original
law which we authored was to
make sure that tourism becornes

more years a primary engine of growth for


our country because tourism
means jobs," Senator Richard J
to offerperks i
Gordon said in his Feb. 6 speech
as he presented the bicameral
colrference committed report for
CONGRESS has ratified a mea-
ratification.
sure extending the power of the
Tourism Infrastmcture and En-
It \r/as revealed in Senate
public hearings back in 2Ot6 that
terprise Zone Authoity (TIEZA)
TIEZA failed to grant incentives
to graDt incentives to tourism en-
since ihe enactment of the Tour-
terpdses for another lO yea$.
ism Act due to the lack of a rev-
The House of Representa-
enue regulation. The Bureau of
tives and the Senate have agreed
to extend the body's authority Internal Revenue then issued a
revenue regulation in 2016 but
to Dec, 31,2029. The House ver-
limited the pe od until 2019 due
sion of the bill had proposed an
extension to just Dec. 3I, 2026. to the lo-year period prescribed
The bill amends Republic Act No.
in the original law. An extension
period for the grant of inceltives
9593 or tie TourismAct of2OO9.
The original law and suc- to tourism enterprises was then
sought in Congress.
ceeding regulatiols gave TIEZA
only until August 2019 to grant The new law also allows the
incentives. The incentives TIEZA
Joi;rt Congressional Oversight
grants tourism enterprises,in- Committee on Tourismto operate
clude a six-year income tax holi-
indefinitely from 10 years previ-
ously. The committee consists of
day, a five percent preferential tax
on gross income, exemption"from
the chairmen of both chambers,
committees oftourism, ways ard
all taxes and customs dufies of
means, appropriations ald of fi-
importation of capital,equipment
nance, amolg others.
as well as ofspare parts.
A. Aguinaldo
- Canille

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