Sharp seeks tax perks for LED/LCD TV production

MANILA, Philippines - Sharp (Phils.) Corp. is seeking for tax perks with the Board of Investments (BOI) for the production of LCD (liquid crystal display) or LED (light emitting diodes) TVs (television) in its site in Muntinlupa City.

“Notice is hereby given that Sharp (Phils.) Corp. is applying for registration with the BOI as new producer of LCD or LED TV on a pioneer status,” a published notice read.

The application covers Sharp’s project site located in West Service Road, South Superhighway, Alabang, Muntinlupa City.

If Sharp’s application for registration would be approved, it would qualify for incentives like exemption from the payment of income taxes as well as from duties on imported spare parts.

The approval of the application would also enable the firm to enjoy other non-fiscal incentives such as employment of foreign nationals and simplified customs procedures for the importation of equipment as well as for exports of processed product.

The firm decided to start the production of  LCD or LED TVs in the country given the demand for such products here.

The company will produce TV sets with sizes of 32 inches and below.

All the TV sets to be produced by the firm here will be sold in the local market.

It currently has a 30 to 40 percent share of the local LCD market.

Sharp Phils’ was established as a joint venture in 1982 between Pilipinas Development Corporation and Sharp Corporation of Japan.

The Sharp brand, which is well-known among Filipino households, has three main product categories which are: video, audio and home appliances.

Apart from TV sets, the firm is marketing several products in the country such as washing machine, refrigerator, air purifier or ion generator, airconditioner, microwave oven, home theater or DVD (digital video disc), karaoke or system stereo and solar panel.