Connect with us

Hi, what are you looking for?

Economy

Gov’t urged to ease process for online business registration

A LAWMAKER on Sunday urged the government to ease online small business registration by removing fees imposed by the Bureau of Internal Revenue (BIR).

“Under current processes, you have to face 10 agencies to register a business in the country,” Albay. Rep. Jose Maria Clemente S. Salceda said in a statement on Sunday.

“It takes 33 days at least to complete these processes. And you have to pay a registration fee with the BIR to pay taxes. Imagine how absurd that is — there is a barrier to paying taxes,” he added.

The congressman, author of the proposed Online Small Business Support Services Act, said many small online businesses want to be legitimized but are struggling with processes at licensing agencies.

A committee headed by the Finance secretary has been created to identify private sector projects that will qualify for regulatory relief. It will also identify the specific permits, licenses, certificates, clearances, consents, authorizations, or resolutions that can be waived.

“Online businesses are the saviors of the Philippine economy in this pandemic,” Mr. Salceda said. “Many of them are home-based, and are the only source of income for many families.”

He said these businesses want to register, so they can avail themselves of government loans, grants, and other services. “They want to register with online payment systems. But, it’s not easy to register a business right now.”

Mr. Salceda urged the BIR to abolish the taxpayer registration fee of P500, which is imposed as an annual fee . The BIR must also relax rules on in-person registration for a taxpayer identification number, he added.

“It’s absurd to impose a fee to allow people to pay taxes. It’s the state who benefits from taxpayer compliance,” he pointed out.

He urged the government to create a business registration portal. “The most ideal form of this portal is a single-account system where the business registrant can access all digital application processes and where necessary forms can be automatically generated for the applicant.” — Kyle Aristophere T. Atienza

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Foreign portfolio investments (FPI) yielded a net inflow in May, reflecting renewed optimism in the local economy as restriction measures were gradually lifted during...

Economy

Outsourcing firms in Philippine economic zones will need a long-term remote work considerations to remain competitive against other major outsourcing economies, an official from the industry group said.  ...

Economy

The World Bank approved a fresh $400-million loan for the Philippines which will be used to support financial sector reforms as the country recovers...

Economy

Philippine President Rodrigo R. Duterte on Thursday night urged the Congress to pass his administration’s last two tax reform bills.  In his speech during...

Economy

The prolonged COVID-19 pandemic is clouding economic projections for Southeast Asia, with most countries not expected to return to pre-pandemic growth levels for several...

Economy

US President Joseph R. Biden, Jr. has extended his sympathy over the passing of former Philippine President Benigno S. C. Aquino III, recognizing his efforts in promoting...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!