Tax Incentives Management and Transparency Act (TIMTA)

Tax Incentives Management and Transparency Act (TIMTA), Republic Act No. 10708, approved December 9, 2015, mandated business entities registered with investment promotion agencies (IPAs) to file with their respective IPAs a complete annual tax incentives report of their income-based tax incentives, value-added tax and duty exemptions, deductions, credits or exclusions from the tax base as provided in the charter of the IPA concerned, within thirty (30) days from the statutory deadline for filing of tax returns and payment of taxes. The collected data are to be analyzed by the government to determine the impact of tax incentives on the Philippine economy.