More than 500 enterprises registered with the Board of Investments (BOI) are facing cancellation of their certificates of registration for failure to submit annual financial and actual operations reports.
More than 500 enterprises registered with the Board of Investments are facing cancellation of their certificates of registration for failure to submit annual financial and actual operations reports.
BOI said the 570 registered firms failed to submit any of three required reportorial documents — annual report on actual operations, annual audited financial statements, and annual income tax return. Article 7 of Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987, as amended, empowers the BOI to periodically check and verify the compliance of its registered enterprise with the provisions of EO 226, its Implementing Rules and Regulations , and terms and conditions of registration.
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