TOURISM Assistant Secretary Frederick Alegre said the Department of Tourism sees better opportunities for growth as the national government continues to roll out programs under its National Tourism Development Plan.
Alegre, who was in Bacolod City Sunday for the Negros Occidental Tourism Summit, said the agency is expecting full cooperation from local officials in developing and marketing competitive tourist products and destinations; addressing all the destination infrastructure needs, improve market access, and connectivity; and improving tourism institutional, governance, and tourism manpower.
He said the national government has implemented tax incentives to persuade local government officials to promote tourism in their respective localities.
These incentives come in the form of income tax holiday, wherein registered tourism enterprises (RTE) and existing registered tourism enterprises may be granted this incentive for six years from the start of business operations on income from its activities.
Five percent gross income tax, a new RTE may pay a tax of five percent on its gross income earned from its activities as may be imposed by Tourism Investment Economic Zone Authority (Tieza), in lieu of all national internal revenue taxes except real estate taxes.
Net loss carry over, the net operating loss of an RTE for any taxable year immediately preceding the current taxable year shall be carried over as a deduction from gross income for the next six consecutive taxable years immediately following the year of such loss.
Exemption from taxes on importation of capital investment and equipment, importation of capital investment and equipment as provided under applicable Tieza guidelines by an RTE shall be exempt from taxes; exemption from taxes on the importation of transportation equipment and spare parts; tax and duty free importation of goods and services; and
social responsibility incentives, tax deduction of up to 50 percent of the cost of environmental protection, cultural heritage preservation, and sustainable livelihood programs for local communities in the tourism sites.