RMC No. 45-2023

RMC No. 45-2023 (April 19, 2023) publishes FIRB Advisory No. 004-2023, which clarifies the transfer of registration to the Board of Investments (BOI) of IT-BPM Registered Business Enterprises (RBEs) availing of 100% work-from-home (WFH) arrangements. New or expansion projects from September 15, 2022 onward must register with the BOI for 100% WFH; IT-BPM RBEs that implemented WFH in 2023 without BOI registration by January 31, 2023 are subject to a penalty on 100% of the Regular Corporate Income Tax (RCIT) for non-compliant months. BOI registration is an additional registration and the basis for fiscal incentives, while the original Investment Promotion Agency (IPA) registration remains the basis for non-fiscal incentives; dual registrations are tagged as 'Concerned IPA-BOI' (e.g., 'PEZA-BOI') in the tax return's IPA field. The circular also explains Tax Exemption Indorsement (TEI) requirements and coverage for imported goods, VAT zero-rating certificates, and unchanged LGU shares where the registered address does not change.