REVENUE MEMORANDUM CIRCULAR NO. 42-2025 issued on April 25, 2025 circularizes the Implementing Rules and Regulations of Title XIII of Republic Act (RA) No. 8424 (National Internal Revenue Code of 1997), as amended by RA No. 12066, with the following outline of content:
Part I. General Provisions
Rule 1. Scope and Definition of Terms
Part II. Tax and Duty Incentives
Rule 2. Tax and Duty Incentives
Rule 3. Period of Availment of Incentives
Rule 4. Strategic Investment Priority Plan
Part III. Registration and Availment of Incentives
Rule 5. Scope
Rule 6. Registration of Business Enterprise
Rule 7. Action on the Registration
Rule 8. Application for Income Tax-Based Incentives
Rule 9. Application for a VAT Zero-Rating Certificate
Rule 10. Customs Duty Exemption on Importation of Capital Equipment, Raw Materials, Spare Parts, and Accessories
Rule 11. Power of the President to Grant Incentives
Part IV. Tax Incentives Management and Transparency
Rule 12. Filing and Submission of the Annual Tax Incentives Report
Rule 13. Conduct of Impact Evaluation on Tax Incentives
Part V. Fiscal Incentives Review Board
Rule 14. Expanded Functions of the FIRB
Rule 15. Fiscal Incentives Review Board Proper
Rule 16. Fiscal Incentives Review Board Technical Committee
Rule 17. Fiscal Incentives Review Board Secretariat
Part VI. Other Provisions
Rule 18. Transitory and Miscellaneous Provisions
Rule 19. Investments Prior to the Effectivity of RA No. 11534
Rule 20. Prohibition and Registered Activities
Rule 21. One-Stop Action Center
Rule 22. Forms and Certificates
Rule 23. Misrepresentation and Violation of Other Provisions of the Tax Code
Rule 24. Temporary Measures for Exceptional Circumstances
Rule 25. Final Provisions