Manufacturers, fabricators and suppliers of locally produced RE equipment and components duly recognized and accredited by the DOE may avail of the following incentives under section 21 of the Renewable Energy Act of 2008.
- Tax and duty free importation of components, parts and materials necessary for the manufacture and/or fabrication of RE Equipment and components made after obtaining DOE approval for such importation;
- Tax credit on domestic capital components, parts and materials purchase made from DOE-accredited local manufacturers;
- Income tax holiday for 7 years from the date of recognition/accreditation;
- Zero-rated value added tax on transactions with local suppliers of goods, properties and services.