Micro enterprises earning less than P250,000 annually will no longer be required to pay percentage taxes thanks to the amendment pushed by Sen. Bam Aquino on the proposed tax reform program.
During the period of amendments on the Tax Reform Acceleration and Inclusion Act (TRAIN), Sen. Bam pushed for an amendment that exempts micro enterprises earning below P250,000 from paying percentage tax, on top of their income tax exemption.
“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, a former social entrepreneur and principal sponsor of the Go Negosyo Act.
“We moved for this amendment because we have received many reports that some micro businesses are being required to pay the 3% percentage tax,” Sen. Bam added.
Sen. Bam said the amendment will ensure a tax-free status for our micro entrepreneurs and free them from harassment by tax agents, at no additional cost to the government. The senator also proposed to simplify bookkeeping records and requirements for micro businesses.
Sen. Bam is thankful to Sen. Sonny Angara, chairman of the Committee on Ways and Means, for accepting both these amendments in support of the micro enterprise sector.
“Protektahan natin ang kita ng mga maliliit na negosyo at kabuhayan ng maraming pamilyang Pilipino,” said Sen. Bam, adding that this will help one million Filipinos or more.
The Senate will continue to deliberate on the amendments to the TRAIN on Monday. “We will ensure that this amendment will make it to the end,” said Sen. Bam.