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Tuesday, April 23, 2024

Zamboanga: City gov’t mulls 3-year tax free incentive for agri-fishery trade

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Mayor John Dalipe together with Councilor Vino Guingona met with the core members of the Investment Board on Tuesday, Jan. 16, in a bid to finalize the new Investment and Incentive Code of Zamboanga City with emphasis on the agriculture and fishery sector.

The proposed ordinance, which Councilor Guingona intends to file in the City Council for approval the soonest time possible, seeks to grant a 100% tax free incentive to agriculture and fishery investments with P1 million to P3 million capital for the first three years of operation.

Guingona, who chairs the Committee on Trade and Investment in the Sangguniang Panlungsod, was expected to file the new ordinance amending the old investment code this month.

Dalipe said the proposal hopes to attract investors and create more job opportunities in the agriculture and fishery sector, nothing that even under the old investment code not one investor had ever applied for the incentive, if ever there was any in the agri-fishery sector.

With the proposal, Dalipe hopes to invigorate the city agriculture and fishery sector.

Likewise, tax incentives were proposed for new investments in renewable energy, infrastructure, manufacturing and enterprises, especially those aligned with the BIMP-EAGA initiatives, among others.

The new investment code seeks to strengthen and promote investments that can give more job opportunities to Zamboangueños, generate more income for the city and those that help promote the protection of the city’s environment.

At present, for instance, investments worth at least P10 million up to more than P50 million with at least 10 employees and more are entitled to tax holidays for the first three years of operation.

However, in the growth areas outside the city limits pinpointed under the Master Development Plan of Zamboanga City, the project cost or investment capital may be reduced up to 50% of the above amount.

Further, the amount of capitalization shall be based on the total project cost and as stated in the investor’s project study/proposal submitted to and approved by the Board.

Also present in the meeting were Secretary to the Mayor and Executive Assistant V William Mariga, Investment Promotion Services Division head Riza Mae Fernandez, Eric Harina from the agriculture sector, and others. (Vic Larato, photo courtesy by April Araneta)

(Source: City Government of Zamboanga Facebook page)

 

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