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PRO-FRIENDS SECURES TAX PERKS FOR CAVITE IT PARK

PRO-FRIENDS SECURES TAX PERKS FOR CAVITE IT PARK
MANILA – The Property Company of Friends Inc (Pro-Friends) has bagged tax perks for its pioneer campus-type information technology park.

In a statement, the property developer said it secured Philippine Economic Zone Authority (PEZA) accreditation for the Suntech iPark in Imus, Cavite.

The IT park is located in a 25-hectare commercial and business district called Downtown Lancaster at the Lancaster New City, one of Pro-Friends’ township projects.

“Being a part of PEZA, Suntech iPark is now among the highest ranks of IT Park developers not only in the Philippines, but more so in a global scale,” PEZA Director-General Lilia B. de Lima said.

Among the fiscal incentives that locators can enjoy when they invest in Suntech iPark are 100 percent exemption from corporate income tax; 5 percent special tax on gross income and exemption from all national and local taxes, upon expiry of income tax holiday; tax and duty free importation of equipment and parts; exemption from dues on import shipments of equipment; value-added tax (VAT) zero-rating of local purchases of goods and services, extending to land-based telecommunications, electrical power, water bills and building lease; and exemption from expanded withholding tax.

Pro-Friends envisions Suntech iPark as a location for business process outsourcing (BPO) and similar companies, allowing residents of Lancaster New City to work near their homes.

“These area you see will be developed and be a source of living for the residents,” said Pro-Friends president Jocelyn Guzman.

Building A of Suntech iPark will be operational by July this year.

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