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.
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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