Section 31Sec./Art. 31

Transitory Provisions. - The following provisions shall apply prospectively to projects or activities granted with the tax incentives under Republic Act No. 11534 upon the effectivity of this Act:

(1) The exemption from national and local taxes, including local fees and charges for projects or activities availing of SCIT pursuant to Section 294(B) of Title XIII;

(2) The availment of additional enhanced deductions provided under Section 294(C)(6), (7), (8), and (9) of Title XIII;

(3) The imposition of twenty percent (20%) income tax rate specified in Sections 27 and 28 of this Code upon the taxable income of RBEs availing the enhanced deduction regime;

(4) The imposition of RBE local tax under Section 294(F) of Title XIII, to RBEs availing of ITH or EDR; and

(5) The conditions for the availment of the duty and VAT exemption on importation and VAT zero-rating on local purchases under Sections 295(C) and (D) of Title XIII.

No tax refund or credit shall be granted to RBEs covered by Section 19 of this Act.