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Investments board says food irradiation projects eligible for tax breaks

investments board says food irradiation projects eligible for tax breaks - Investments board says food irradiation projects eligible for tax breaks

FOOD IRRADIATION has been included in the government’s list of preferred investment activities eligible for tax breaks, the Board of Investments (BoI) said.

In memorandum circular 2020-018 signed Dec. 4, the BoI said it is amending guidelines under the 2017 Investment Priorities Plan as part of an overall effort to retain and create jobs during the public health crisis.

“The board recognizes the significance of private sector investments in commercial food irradiation facilities as a support service for the country’s agriculture sector in mitigating post-harvest losses and increasing the sector’s supply value chain,” the BoI said.

Food irradiation extends the shelf life of products.

The memorandum added that food irradiation projects applying to register with the BoI must have a permit from the Science and Technology department’s Philippine Nuclear Research Institute, where applicable.

Before availing of an income tax holiday, the registered business must submit a copy of its license to operate from the institute or other relevant agencies.

The directive takes effect immediately, having been published Thursday.

Malacañang last month approved the 2020 Investment Priorities Plan, which granted tax holidays to projects that address the public health crisis. The incentive plan covers manufacturers making personal protective equipment and those creating jobs in the countryside. — Jenina P. Ibañez

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