FIRB Extends Bond-Free Period for Movement of IT-BPM Assets Outside Ecozones

On 15 March 2023, the Fiscal Incentives Review Board (“FIRB”) issued Advisory No. 005-2023 extending the bond-free period for Registered Business Enterprises (“RBEs”) in the Information Technology-Business Process Management (“IT-BPM”) sector for the movement of their IT equipment and other assets outside the economic zone or freeport zone. The bond-free period for the covered RBEs in the IT-BPM sector shall be extended from 31 March 2023 to 30 June 2023.

The FIRB highlighted that the extension will provide additional time for the covered RBEs in the IT-BPM sector to process their Tax Exemption Indorsement from the Department of Finance – Revenue Office, covering existing goods imported as of 31 January 2023.