I ILIGAN LOCAL INVESTMENT INCENTIVES PROGRAMS
Service Description:
Pursuant to paragraph 3, Section 2, Chapter I of City Ordinance No. 06-4924 is the declared policy of the City Government to create an environment conducive to business growth by ensuring that the administration of policies, regulations and procedures directly affecting the business shall be, simple, transparent, performance based and time-bounded.
Department Office:
Iligan Investment Board (IIB)/
Iligan Investment Promotion Center (IIPC)
Location: Bahay Salakot, Buhanginan Hills, Pala-o, Iligan City
Contact Number: 223-3178
Website: www.iliganinvest.com
CLIENT GROUP:
Local and foreign Investors/Businessmen.
Clients are categorized based on their capitalization as follows:
⇒Small Enterprises: Php 3 Million - Php15 Million
⇒Medium Enterprises: Php15 Million - Php100 Million
⇒Large Enterprises: more than Php100 Million
TOTAL PROCESSING TIME:
25 days
FEES/CHARGES:
The following non-refundable filing fee shall be paid upon submission of the application documents, as follows:
5,000 - for enterprises with a capitalization of at least 3.0 Million
but less than 15.0 Million
10,000 -for enterprises with a capitalization of at least 15.0 Million
but less than 100.0 Million
25,000 -for enterprises with a capitalization of at least One 100.0
Million up to 1.0 Billion
50,000 -for enterprises with a capitalization of more than 1.0
Billion
Incentives to Registered Enterprises
The tax credits shall apply only to the basic share of the City Government excluding the Special Educational Fund (SEF).
Exemption from business Tax on Gross Sales / Receipts – A registered enterprise shall be granted exemptions from payment of business tax on gross sales / receipts for a period of three (3) years, starting from January of the following year after commercial operations,
Other Fiscal Incentives
1.) Deduction of Wages Paid – Within the period of three (3) years from the start of commercial operation a duly registered enterprise shall be allowed to deduct fifty percent (50%) of the wages paid to employees/workers who are bonafide residents of Iligan City from the gross sales /receipts during the preceding year, subject to verification and endorsement of the Board.
2.) Deduction of Training Expenses – Expenses incurred for the local training given to the employees / workers for the development of the skills identified and certified necessary by the appropriate government agencies, concurred and verified by the Board, shall entitle the registered enterprise to a special deduction equivalent to Fifty Percent (50 %) of the total expenses from taxable gross sales/ receipts realized during the preceding calendar year within a period of three (3) years.
(3) Deduction of Researches and Development Expenses. – The Expenses incurred for research and development conducted related to the business of a registered enterprise, verified by the Board, and shall entitle the registered enterprise to a special deduction equivalent to Fifty Percent (50 %) of the total expenses from taxable gross sales / receipts realized during the preceding calendar year within a period of three (3) years.
To raise the quality of the local basic education, a registered enterprise that provides quality educational materials for the local public elementary and secondary schools shall be entitled to the incentive herein provided, subject to verification and approval of the Board.
An existing enterprise embarking on new investments, either for expansion or diversification, that are listed in the current LIPP shall be entitled to the abovementioned incentives only to the extent of the new investments and that are existing enterprise is not in arrears in its tax liabilities with the City of Iligan, the national government as well as other government instrumentalities and agencies.
REQUIREMENTS:
1. Two (2) copies of completed application form
2. A copy of the complete project study of the proposed investment showing that the project is economically, technically and financially feasible and viable;
3. A certified true copy of its Certificate of Registration, Articles of
Incorporation and By-laws as approved by appropriate
government accreditation agencies;
4. A certified true copy of its Certificate of Registration as approved by
Board of Investments for enterprises that have availed of the
national investment incentives program;
5. An original copy of the Resolution of the applicant's Board of
Directors, in case of a corporation authorizing the filing of
application;
f) A certified true copy of its Audited Financial Statement, in case of
an existing enterprise, which is expanding and/or diversifying.
INCENTIVE AVAILMENT PROCESS FLOW
Click here Iligan Investment Incentives Application form