Philippine tourism officials breathe the fresh air of relief when the Board of Investments has lately approved tax incentives for tourism enterprises which suffered tremendously during the COVID-19 pandemic.
The Philippine tourism industry has suffered tremendous losses during the lockdown initiative announced by the government due to health issues.
Board of Investments (BOI) tax relief includes income tax holiday for three years and duty-free importation of capital equipment to modernize and upgrade the tourism facilities, addressing safety and health concerns.
Tourism Secretary Bernardette Romulo-Puyat announced, through virtual Kapihan sa Manila Bay Forum, the approved tax incentives by BOI to benefit-eligible tourism enterprises like hotels and resorts, tourist transport entities and the other stakeholders in the Philippine tourism industry.
The upgrade includes various facilities in many hotels and other venues.
(Source of information: PNA)