Aquino wants percentage tax exemption for micro businesses | Inquirer Business

Aquino wants percentage tax exemption for micro businesses

/ 10:40 AM November 24, 2017

A senator is pushing the exemption of micro businesses earning less than P250,000 annually from paying percentage tax.

Senator Bam Aquino pushed for such proposal during the Senate’s period of amendments on the Tax Reform Acceleration and Inclusion Act (TRAIN) bill. Such exclusion, he said, should be on top of the income tax exemption being enjoyed by micro enterprises.

Aquino said he received many reports that some small businesses are being required to pay the percentage tax rate of fixed 3%.

Article continues after this advertisement

“Exempted na sa percentage tax ang mga fishball vendors, sari-sari store owners, pati ang mga magsasaka at mangingisda na kumikita ng 250,000 pesos or less sa isang taon,” said Sen. Bam Aquino.

FEATURED STORIES

Aquino, who is also the principal sponsor of the Go Negosyo Act, said the amendment would free the micro enterprises from harassment by tax agents without additional cost to the government.

The senator also proposed to simplify bookkeeping records and requirements for micro businesses.

Article continues after this advertisement

Aquino thanked fellow senator Sonny Angara, chairman of the Committee on ways and means, for accepting the proposed amendments. The Senate is set to resume the deliberations on the tax reform package bill on Monday next week.         /kga

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Business, Senator Bam Aquino, taxation

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.