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Fiscal perks await 3K Bulacan tourism establishments

The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) aims to provide fiscal incentives to a total of 3,015 tourism establishments in Bulacan province.

The incentives will be provided in accordance with the Republic Act 11534, also known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, according to officials.

TIEZA Assistant Chief Operating Officer Karen Mae Sarinas-Baydo said the fiscal incentives would be given to eligible establishments, including those in the tourist transport services, accommodation, amusement parks, adventure and eco-tourism facilities, sports facilities, recreational facilities, theaters, and health and wellness facilities sector.

Additionally, establishments in farm tourism, tourism training centers and institutes, retirement villages development, restoration, conservation and operation of historical shrines, landmarks, and other historical sites, and facilities for meetings, incentives, conventions, and exhibitions are also eligible.

Baydo explained that establishments must register with TIEZA to receive fiscal incentives under the CREATE Law.

The main benefit is a decrease in corporate income tax from 30 percent to 20 percent for establishments with a minimum revenue of P5 million and a property value of at least P100 million.

Establishments with a revenue of less than P3 million will only be subject to a 1 percent value-added tax until June 30.