News TOP

News Detail

Bam lauds BIR memo for micro businesses



Sen. Bam Aquino lauded the latest memorandum by the Bureau of Internal Revenue (BIR), announcing that taxpayers covered by the Barangay Micro Business Enterprise (BMBE) may file their income tax returns (ITR) without paying taxes.

"Nagpapasalamat tayo sa BIR sa paglalabas ng nasabing memorandum na nagbigay linaw sa mga isyu at problemang bumabalot sa BMBE," said Sen. Bam.

"Ngayon, mas madali na para sa ating maliliit na negosyante na mag-file ng income tax dahil sa tulong ng panuntunang ito na inilabas ng BIR," added Sen. Bam.

In a memorandum dated April 5, 2017, BIR commissioner Caesar Dulay ordered all regional directors, revenue district officers and other concerned officials to accept tax returns filed by taxpayers claiming to be covered by BMBE, whether tax are paid or not.

However, the BIR said the tax returns will be subjected to post audit/verification and compliance with Section 3 of Department Order No. 17-04 or guidelines implementing the registration of BMBE and availment of tax incentives under Republic Act 9718 or BMBE Act of 2002.

Sen. Bam also advised micro-businesses to secure certification from the 470-plus Negosyo Centers all over the country. Sen. Bam is the principal author and sponsor of the Republic Act No. 10644 or the Go Negosyo Act, the first of his 17 law in the 16th Congress.

"I wish to remind BIR that under the Go Negosyo Act, the sole authority to issue BMBE certificates is with the Negosyo Centers," said Sen. Bam.

As additional help to micro businesses, Sen. Bam has filed Senate Bill No. 169 or the Small Business Tax Reform Act, which seeks to provide small businesses with lower income tax rate, a simplified process in filing of taxes and other privileges to stimulate their growth.

Under the measure, all small businesses shall be exempt from payment of income tax for the first three years of its operation from date of establishment and will be subjected to lower income tax rates thereafter.

Small businesses earning less than P300,000 will be exempted from income tax while those with income ranging P300,000 up to P10,000,000 will be subjected to a 10-percent income tax rate.

The measure also pushes for simpler bookkeeping, a special lane and assistance desk for MSEs, exemption from tax audit, annual filing of returns, and payment in installment.

Sen. Bam stressed the need for simpler taxation, saying the Philippines placed 126th out of 189 economies in Ease of Paying Taxes in a joint study by PWC and the World Bank - Paying Taxes 2016.

www.senate.gov.ph  

Pinoy Gazette Digital Edition