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BY Prince Golez, Manila Reporter
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MANILA – Sen. Paolo Benigno “Bam” Aquino IV is pushing to provide small businesses with a lower income tax rate.
His Senate Bill No. (SBN) 169 also proposes to exempt them from value added tax.
The Aquino bill seeks to exempt all small businesses from payment of income tax for the first three years of their operation from date of establishment.
Those earning less than P300,000 shall also be exempted from income tax, SBN 169 said.
Businesses with an income between P300,000 and P10,000,000, on one hand, shall be subjected to a 10-percent income tax rate.
“With all the support from the executive, we’re certain the personal income tax reform will be passed. What we should also focus on is the Small Business Tax Reform Act namakakatulongsamgamaliliitnanegosyonanagsisilbingkabuhayanngmaramingpamilyang Pilipino,” Aquino said.
Aquino also said the bill encourages the implementation of a “simpler taxation” and the creation of a special lane and help desk for micro and small enterprises.
A joint report by PwC and the World Bank showed the Philippines placed 126th out of 189 nations in terms of ease of paying taxes.
SBN 169 also pushes for tax audit exemption, annual return filing and installment payments.
“By streamlining the country’s tax system, it will boost the chances of our local enterprises to succeed and, in turn, generate prosperity and livelihood for more and more Filipinos,” the lawmaker ended./PN
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