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CARS perks balance released this year – BOI
The Board of Investments (BoI) announced that the remaining P3.99 billion for the Comprehensive Automotive Resurgence Strategy (CARS) program is set for release this year, completing the government's P5.43 billion commitment.
The CARS program offers incentives to automotive firms, including fixed investment support and production volume incentives.
So far, P1.44 billion of the total commitment has been disbursed.
BoI Managing Head Ceferino S. Rodolfo expressed certainty that the government's obligations will be met within the current year.
The BoI has started issuing tax payment certificates (TPC) to program participants.
These TPCs can be used by companies to offset their duties with the Bureau of Internal Revenue (BIR) or the Bureau of Customs (BoC).
The BIR and BoC will then seek reimbursement from the BoI, with the Department of Budget and Management issuing the necessary release orders.
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