FOLLOWING the passage into law of the Vintage Vehicle Regulation Act, a deputy speaker for trade and industry said restoration shops and companies in the business of importation and exportation of vintage vehicles for restoration are now eligible to apply for fiscal and tax incentives under the Corporate Recovery and Tax Incentives for Enterprises law.
The law covers all aspects of regulation of vintage vehicles, their protection, preservation, enhancement and promotion as nation’s heritage, as well as the establishment and strengthening of policies that encourage the same. It seeks to widen economic opportunities from conditions favorable to small and medium industries that may join international markets for the restoration and repair of vintage vehicles, as well as in the manufacture of spare and replacement parts.
By way of showing their distinct class, vintage vehicles are afforded to exhibit special license plates bearing the words Vintage Vehicle and the model and year of manufacture, in addition to the usual letters and numerals appearing in license plates.