By Samuel Medenilla
Companies with environmental-friendly goods, services and practices will soon receive the much- awaited tax cuts from the government, according to the Department of Labor and Employment (DOLE).
Last week, DOLE finally issued its Department Order (DO) 180, series of 2017, containing the Implementing Rules and Regulations (IRR) of Republic Act 10771 or the Green Jobs Act.
Green Jobs is defined by DOLE as employment that contributes to preserving or restoring the quality of the environment.
Under the five-paged DO 180, business enterprises, which will be qualify for the Green Jobs Act will get a “special deductions in their taxable income equivalent to 50 percent of the total expense for skills training for research and development expenses.”
They will also be exempted from paying importation tax from acquiring capital equipment, which will be directly and exclusively used in promoting, generating, and sustaining green jobs.
The tax incentives will be granted by the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).
DOLE said interested parties, which would like to qualify for the tax incentives, could apply at the Climate Change Commission (CCC) and go through the necessary government assessment.