Government Offers Tax Breaks to Makers of Face Masks, Medicines

Source: Bloomberg News

The government will offer tax breaks to manufacturers of medicine, medical equipment and protective gear like face masks, and operators of services that have become essential during the coronavirus pandemic.

Companies that make sanitizers, disinfectants and cleaning materials, as well as companies that have re-purposed factories to produce goods to help fight the virus, may be exempt from paying income tax for as long as six years, according to the latest Investment Priorities Plan signed Wednesday by Executive Secretary Salvador Medialdea.

Hospitals, quarantine facilities, crematoriums, waste treatment and disposal, virus-testing centers and laboratories are included in the list of business eligible for tax breaks. Investment in activities that will create jobs away from congested cities may also qualify for fiscal perks, according to the plan.

Bloomberg News

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