Microenterprises may avail themselves of incentives from BOI

UNKNOWN to most microentrepreneurs, particularly those in the provinces, they are also eligible for fiscal incentives being given by the government through the Board of Investments (BOI) just like the big boys.
       With this, Trade Undersecretary and BOI managing head Elmer C. Hernandez organized teams that are now conducting road shows outside of Metro Manila to invite microenterprises to register their projects with the agency.
       By definition, microenterprises are those with assets, excluding the cost of land, worth P3 million or less.
       Although, small in the magnitude of investments, microbusinesses represent more than 90 percent of the country’s total enterprises.
       Hernandez said consistent with the Investment Priorities Plan, microenterprises are eligible for full incentives, which means up to eight years of income tax holidays, among others, depending on their type of activity.
       In the road shows, which kicked off in the province of Isabela recently, firms can apply for BOI registration and get the approval on the same, Hernandez said.
       “By registering with the BOI, the projects of these small enterprises, although marginal, will become more viable because of the incentives,” he said.
       Aside from getting facilitating registrations, Hernandez said the road shows also do matching for prospective buyers and suppliers. M. de Leon