President Benigno Aquino III has signed into law RA 10708 Tax Incentives Management and Transparency Act (Timta), which seeks to “promote fiscal accountability and transparency in the grant and management of tax incentives,” a Palace executive said on Wednesday.
“This law seeks to promote fiscal accountability and transparency in the grant and management of tax incentives by developing means to measure the government’s fiscal exposure on these grants and to enable the government to monitor, review and analyze the economic impact thereof and thereby optimize the social benefit of such incentives,” Presidential Communications Secretary Herminio Coloma Jr. said in a statement.
The Timta has been one of the priority measures under the Aquino government. Nestor Corrales