Daily TribuneThe incentives include an Income tax holiday for five years, Special corporate income tax for 10 years, duty exemption for 15 years, and VAT exemption and zero rating for 15 years secured after obtained its PEZA Certificate of Registration.
Share
Figaro Innovation and Development, Inc. or FIDI, a wholly-owned subsidiary of Figaro Coffee System, Inc., will be enjoying a range of incentives after it secured a Certification of Registration No. 2023-000126-PEZA-EX-C10-1 from the Philippines Economic Zone Authority or PEZA.
In a stock report on Friday, FIDI disclosed that the incentives include an Income tax holiday for five years, Special corporate income tax for 10 years, Duty exemption for 15 years, and VAT exemption and zero rating for 15 years.
PEZA's charter and Title XIII of the National Internal Revenue Code of 1997, as amended by Republic Act no. 11534, known as the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act, officially recognizes FIDI's registration with PEZA.
Significant contributions
According to FIDI, the incentives will help the company make significant contributions to the coffee industry and the broader economic landscape in the country.
FIDI is an Ecozone Export Enterprise authorized to engage in the production of various roasted coffee blends, including House Reserve, Espresso Blend and French Roast.
These operations will be based at the company's facility located at 116 East Main Avenue Phase V, Laguna Technopark-Special Zone, Binan City, Laguna.
The formal signing and turnover of the Certification of Registration took place at the PEZA headquarters, located in the Double Dragon West Tower, Pasay City.
The event was attended by prominent figures, including Mr. Tereso O. Panga, PEZA Director General; Atty. Jenny June G. Romero, PEZA OIC Deputy Director General; Ms. Divina Gracia G. Cabuloy, President/CEO of FCG; Mr. Jose Petronio D. Espanol III, President of FIDI; and Mr. Ace Azarraga, FCG Brand and Partnership Director.
FIDI aims to drive innovation in the Food and Beverage industry by developing pioneering products and processes. It also wants to enhance operational efficiency for their clients while also promoting Filipino brands, products and raw materials on a global scale.
