Omnibus Investment Code Ice Breakers

On July 16, 1986, President Corazon C. Aquino signed Executive Order No. 226 known as the Omnibus Investments Code of 1986 to integrate, clarify and harmonize laws on investment thereby encouraging domestic and foreign investments in the country.

• True

• False

Answer explanation

July 16, 1987 (Omnibus Investments Code of 1987)

The submission of investment plan must be submitted to the Office of the President not later than the end of March annually.

• True

• False

Answer explanation

Art. 27

When feasible and considered desirable by the Board, require registered enterprises must list their shares of stock in any accredited stock exchange or directly offer a portion of their capital stock to the public and/or their employees

• True

• False

Answer explanation

Art. 7#11

For six (6) years of commercial operation for non-pioneer firms and four (4) years for pioneer firms, newly registered firms shall be fully exempt from income taxes levied by the National Government

• True

• False

Answer explanation

Art 39A#1 – Switched non-pioneer and pioneer firms

The regional or area headquarters of such multinational companies shall be exempted from all kinds of local licenses, fees, dues, and imposts except local taxes or burdens.

• True

• False

Answer explanation

– Art 65 - Exemption from all Kinds of Local Licenses Fees, Dues. — The regional or area headquarters of multinational companies shall be exempt from all kinds of local licenses, fees, dues, imposts or any other local taxes or burdens

The EO 226 has how many articles, chapters, and books?

• 86 Articles - 6 Chapters and 8 Books

• 68 Articles - 8 Chapters and 8 Books

• 86 Articles – 8 Chapters and 6 Books

• 68 Articles - 6 Chapters and 6 Books

"__________ " shall be defined as any of the credits against taxes and/or duties equal to those actually paid or would have been paid to evidence.

• Tax Incentives

• Tax Deductions

• Allowable Deductions

• Tax Credit

Applications filed with the Board should be recorded in a registration book and the date appearing therein and stamped on the application shall be considered

• Date of official acceptance

• Date of acceptance

• Date of officiality

The following criteria will be considered in the evaluation of applications for registration under a preferred area, EXCEPT:

• a. The extent of ownership that is controlled by Philippine citizens of the enterprises

• b. The extent to which labor, materials and other resources obtained from indigenous sources are utilized

• c. The economic rates of return

• d. The extent to which technological advances are applied and adopted to foreign condition

Answer explanation

d. The extent to which technological advances are applied and adopted to local condition

In such that a case of cancellation of the certificate arises and is granted under this Code, the Board may choose to

• a. require the refund of incentives availed of and impose corresponding fines and penalties

• b. requires the refund of all fees paid

• c. extends the period of availing of incentives

• d. none of the choices is correct.

Answer explanation

Article 42: Refund and Penalties. — In case of cancellation of the certificate granted under this Code, the Board may, in appropriate cases, require the refund of incentives availed of and impose corresponding fines and penalties.