The newly-enacted tax reform law will make the lives of Filipinos with small businesses easier by not only reducing their taxes, but also by simplifying the tax filing and payment process, Senator Edgardo Angara Jr. said Wednesday.
Angara cited the latest Doing Business report of the World Bank where the Philippines’ ranking slipped to 113th this year from 99th last year among 190 countries.
According to the World Bank report, a budding entrepreneur must make 20 different tax and contribution payments and visit multiple agencies in person to start a business in the Philippines.
But compensation income earners as well as professionals and self-employed individuals with small businesses, whose annual taxable income do not exceed P250,000, are exempted from income taxes and are no longer required to file income tax returns under the Tax Reform for Acceleration and Inclusion law sponsored by Angara.
