SMEs paying 30% tax while big firms pay close to nil, DOF says
This is a huge issue which the government wants to correct.
Too many laws providing tax incentives and benefits to companies have essentially exempted big corporations from paying taxes, while the small fry suffer with the whopping 30 percent duty, the Department of Finance said.
In a statement, Finance Undersecretary Karl Kendrick Chua said most of the local firms paying the uniform corporate tax rate are small and medium enterprises, while their bigger counterparts enjoy a host of tax breaks.
“The present fiscal incentives system (in the country) has been suffering from policy overload such that there is now a proliferation of incentives laws granting tax and duty exemption privileges,” Chua said, pointing out that some companies even “double-dip” by availing of more than one set of perks under different laws.
The government gave away P104 billion worth of investment incentives in 2015 alone.
Chua sais bulk of these perks went to companies engaged in electronic manufacturing, followed by outsourcing services and logistics.
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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