NextGen Day

After legislators included deficits suffered in 2021 in the five-year extension of the net operating loss carry-over, small companies have received further tax relief (NOLCO).

“The initial legislation, the Bayanihan Law, covers the losses from the (coronavirus illness 2019) pandemic in 2020, but we are now covering 2021 since the pandemic is expected to last until 2021.” So, after five years of NOLCO on small companies, it’s now losses in 2020 and 2021,” Finance Assistant Secretary Dakila Elteen M. Napao told media in a virtual conference on Friday, October 8, 2021.

The NOLCO may only be extended for three years under the National Internal Revenue Code.

The Department of Finance (DOF) suggested extending it to five years to help small companies cope with the pandemic’s effects.

The Department of Finance had estimated that this decision will cost the country PHP139.6 billion in lost income.

Small company taxes will be collected over a five-year period under this plan, which Finance Secretary Carlos G. Dominguez III previously said would assist companies during this difficult time.

The Department of Finance had estimated that small companies would lose PHP461 billion in 2020 as a consequence of the mobility limitations.

Given that small companies account for almost all businesses in the nation, the government has been giving tax relief and capital increases to them.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---