[New post] MP Sangki Seeks Incentives for Halal-focused Enterprises in Bangsamoro Region
edd1994 posted: ""Halal" means permissible, its opposite is "haram", meaning prohibited Short link: https://wp.me/paaccn-roK COTABATO CITY -- Member of Parliament Datu Ali B. Sangki has introduced a bill that seeks to provide halal-oriented enterprises in the Ba" SDN -- Science & Digital News
MP Datu Ali B. Sangki in his usual erudite self at the Bangsamoro Parliament. (Credit: ABS)
COTABATO CITY -- Member of Parliament Datu Ali B. Sangki has introduced a bill that seeks to provide halal-oriented enterprises in the Bangsamoro region with a special regional investment and incentive code.
By creating a special halal tax regime with incentives over capital gains or personal income taxes, exemptions from corporate taxes as well as port duties and taxes, and adjustments of capital allowances and losses, Parliament Bill No. 138, also known as the "Bangsamoro Halal Investment and Incentive Code Act of 2022," hopes to entice more investments into the Bangsamoro region.
A halal-friendly investment policy, according to Sangki, "could boost BARMM's bid for a share of the world halal market, which is estimated to be worth more than $4 trillion," and only the Bangsamoro region, through the Bangsamoro Board of Investment (BBOI), is able to provide incentives to interested firms looking to invest in new projects related to the halal industry, Islamic banking, and finance. BARMM is the Bangsamoro Autonomous Region in Muslim Mindanao.
The Bangsamoro legislator cited the significance of halal-focused industries.
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"As for the 11 million Filipino Muslims in the country, the surge in halal-producing industries in the region will provide a steady source of supply of essential halal commodities, giving Muslims opportunities to fulfill their religious obligations related to the stringent requirements for food consumption," said Sangki.
Once PB No. 138 is enacted, qualified enterprises may avail themselves of the halal investment and incentive scheme, which includes pioneer status and investment tax exemption.
Pioneer status is a form of tax exemption that is granted to companies that participate in or produce halal-promoted activities or services for a period of five to 10 years, while the investment tax allowance is an incentive granted based on the capital expenditure incurred on industrial buildings, plants, and machinery used for halal-promoted activities or the production of halal-oriented commodities and services for a period of five to 10 years.
PB No. 138 also specifies the specific activities that are eligible for the incentives, which include high-tech activity in the halal manufacturing and services sectors, as well as other activities that directly benefit the region's economy; halal industrial parks or free zones; halal economic corridors and value chain facilities; halal banking and finance; a halal educational and technological hub; agricultural and fishery industry sectors; halal-accredited hotels; and the tourism sector.
New companies in halal food production, existing companies doing diversification projects in Halal food production, as well as existing companies upgrading and expanding their existing plants, are also eligible to receive the tax incentives.
The Special Investment and Incentive Code (SIIC) will be administered by the BBOI, which is an investment promotion agency of the Bangsamoro government with the authority to grant tax incentive packages to local and foreign businesses operating in the region.
"Halal", an Arabic word, in English means "permissible". Halal food refers to food prepared adhering to Islamic Law. The opposite of halal is "haram" which means prohibited. Halal also pertains to clothing, cosmetics, finance, tourism, and others.
A simple understanding of halal food -- pork and alcoholics and their derivatives are not allowed for Muslims' consumption. (LTAIS-Public Information, Publication, and Media Relations Division) -- (/)
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