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Brief History of the Fiscal Incentives Review Board

The FIRB is an inter-agency body created under Presidential Decree (PD) No. 776 on August 24, 1975 originally tasked with the responsibility of determining what tax should be withdrawn, revoked or suspended under  certain fiscal parameters.

When P.D. Nos. 1931 (June 11, 1984) and 1955 (October 15, 1984) withdrew the tax exemptions of government and private entities respectively, the FIRB was tasked to review which of these withdrawn tax privileges may be restored given certain parameters.  Consequently, a number of tax privileges were restored and caused certain fiscal pressures on government operations.

When Executive Order (EO) No. 93 withdrew on a general basis, effective March 10, 1987, the tax and duty exemption of both government and private entities, it also instituted a system of  subsidy to take care of tax and duty liabilities of government entities affected thereby for reason of fiscal transparency.  The administration of this subsidy for government-owned and -controlled corporations (GOCCs) was given to the FIRB and for national  government agencies (NGAs), to the Department of Budget and Management (DBM).

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