SMDC seeks tax perks for mass housing project

MANILA, Philippines - Property firm SM Development Corp. (SMDC) is seeking tax breaks for Breeze Residences, its low-cost mass housing project in Pasay City.

In a published notice, the Board of Investments (BOI) said SMDC applied for registration with the agency as “a new developer of low-cost mass housing project (Breeze Residences)...on a non-pioneer status with project site at Roxas Boulevard, Barangay San Rafael, Pasay City.”

Launched by SMDC late last year, Breeze Residences will offer a total of 1,983 condominium units.

The firm can enjoy incentives which include income tax holidays for four years, if its application is approved by the BOI.

The government offers incentives to firms that invest in activities listed under the Investment Priorities Plan (IPP).

Mass housing is listed as a preferred activity under the 2012 IPP.

Other preferred activities under the 2012 IPP are agriculture or agribusiness and fishery; creative industries or knowledge-based services; energy; shipbuilding; infrastructure; research and development; green projects; motor vehicles; strategic projects; disaster prevention, mitigation and recovery projects; iron and steel; and hospital or medical services.

Last week, the BOI conducted consultations with industry stakeholders on guidelines for the proposed 2013 IPP.

The proposed 2013 IPP retains the activities in last year’s list.

Apart from Breeze Residences, SMDC has 13 ongoing projects in different parts of Metro Manila and one in Tagaytay.