By: Michael McCullough | 8/2/2011 8:34:33 AM
CEZA (Cagayan Economic Zone
CEZA offers tax or fiscal incentives such as four to six-year income tax holiday, tax and duty-free importation of capital equipment, a special tax rate of 5 percent of gross income in lieu of all local and national taxes, tax credits for foreign corporations and effective zero-rating for articles admitted to the zone from the customs territory under proper permit.
CEZA is a government owned and controlled corporation created under Republic Act No. 7922. CEZA is also known as Cagayan Freeport or Cagayan Cyber Park, and is located in the Northeast of the Philippines. CEZA possesses the power to operate on its own, either directly or through a subsidiary entity, or license to others, tourism-related activities, including games, amusements, recreational and sports facilities such as horse racing, dog racing, gambling casinos, online casinos, golf courses, online gaming and others under priorities and standards set by the CEZA. CEZA is a government unit under the Office of the President that operates and manages the 50,000-hectare economic zone in Cagayan.
Internet gaming is regulated by CEZA. To expedite the processing of gaming licenses, CEZA has the legal authority to independtly approve applications without the prior acceptance from a national government agency, including PAGCOR. In fact, 90% of the locators in Cagayan's cyber park engage in gaming operations. Through virtual gaming or online gaming, clients may play the games through proxies without need of physical presence. CEZA issues internet gaming licenses targeted toward international players. This has become an attractive business model for online gaming operators in Asian markets and the international gaming community. A number of local and foreign owned online gaming companies have registered with CEZA including online casios, online gambling, online betting and more.
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