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Fix payment compliance issues and close tax loopholes: solon

The veto of the law establishing the Bulacan airport ecozone serves as a reminder to focus less time on legislation offering tax benefits and incentives.

The 19th Congress should instead prioritize non-tax incentives, bettering tax compliance, closing loopholes, and simplifying business registration with the Bureau of Internal Revenue (BIR) and other organizations.

Rep. Bernadette Herrera of the Bagong Henerasyon party-list asserted that the nation may increase employment without suffering a revenue decline if only the government concentrated on streamlining the approval procedures for investors.

Herrera stated in a statement that “the government needs more money, not revenue losses and tax loopholes.” Investors prefer clean, effective approval procedures over incentives in any case.

To “stem, trim, and rein in the exuberance of numerous agencies distributing tax incentives left and right like there’s no tomorrow,” she stated that the Fiscal Incentives Review Board was established by the 18th Congress.

She continued, “We need legislation that boosts employment from new enterprises without draining tax advantages.”

She claimed that a straightforward yearly flat rate or filing charge of PHP500 to PHP1,000 would be sufficient for the majority of microenterprises and small businesses.

“Simply sign up each of them for the online tax filing system so they may all submit their financial books electronically. It should be free to receive e-filing training. Compliance with registration requirements is the aim here, not an underground economy, but rather fully legitimate firms “She spoke.

According to her, the BIR ought to develop a mobile application for registering micro and small businesses.

The requirements are challenging and inconvenient, she claimed, which is why tax compliance is currently low and poor and has been for decades, especially among professionals and small and micro-businesses.

After Congress “corrects” aspects that pose significant fiscal dangers to the nation, President Ferdinand “Bongbong” Marcos Jr. will fully support a bill creating a special economic zone and freeport close to the proposed airport city in Bulacan, Malacanang announced on Monday.

He does claim that he totally supports this. Therefore, this is actually his promise to clarify the law so that, if it is passed, he can completely support it, Trixie Cruz-Angeles, the press secretary, said at the first of her regularly scheduled Palace press conferences.

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