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Ordinance No. 2000-01, known as the Iriga City Investment Incentives Code of 1998, as amended, grants fiscal and non-fiscal incentives to new investors and existing enterprises who invests and/or expands in the identified priority Investment and Development areas of the City of Iriga. It creates the Iriga City Investment Promotion and Business Assistance Center (ICIPBAC), the implementing arm tasked to assist investors facilitate registration and operation.
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| FISCAL INCENTIVES |
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| NON-FISCAL INCENTIVES |
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| PRIORITY DEVELOPMENTAL AREAS |
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| PRIORITY INVESTMENT AREAS |
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| AVAILMENT OF INCENTIVES |
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| FISCAL INCENTIVES |
A. For New Investments or Expansion Projects
- Exemption from payment of:
- Mayor's and building permit fees and other charges based on the amout of capitalization as follows:
P2.0M - P5.0M = 3yrs
P6.0M - P10.0M = 4yrs
P11.0M and up = 5yrs
- Franchise Tax for 2 years
- Amusement tax as follows:
1st year = 100%
2nd year = 75%
3rd year = 25%
- Basic Real Estate tas on property and improvement, buildings and machineries, based on the value of investments as follows:
P1.0M - P3.0M = 2yrs
P4.0M - 5.0M = 3yrs
P6.0M and up = 5yrs
- Tax reduction or tax credits for expenditure on the following:
- Construction of Public Infrastructure - 100% deduction (roads, bridges, etc.) accessible for public use
- Aesthetic improvement on buildings - direct cost
- Clean and Green projects at designated areas of the city - 5,000,000 per designated areas of the city
Total deductions, however, must not exceed 30% of the business' gross receipts.
Existing enterprises without any new investments or will not expand may avail of the incentives under tax reduction or tax credit.
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