Connect with us

Hi, what are you looking for?

Economy

Nationwide round-up (01/31/21)

Coronavirus vaccines will be VAT-free under new tax law seen to hurdle Congress by Tuesday

VACCINES and medicines for the coronavirus disease 2019 (COVID-19) will be exempted from value-added tax (VAT) under the second package of the government’s proposed tax reform program, which is expected to be ratified by Congress on Tuesday. “Tuesday is okay. On Monday, we need the signatures (of both chambers of Congress),” Albay 2nd District Rep. Rep. José María Clemente S. Salceda told BusinessWorld Sunday when asked about the timeline of the bill’s ratification. Mr. Salceda released the draft Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to reporters Saturday, which indicates that COVID vaccines will be allowed duty-free importation along with medicines for treatment of the disease, and personal protective equipment (PPE). The CREATE Bill seeks to lower corporate income tax from 30% to 25% for large corporations and 20% for small and medium establishments (SMEs). Mr. Salceda said the House of Representatives and the Senate settled contested provisions of the measure last Saturday and the draft is ready for final reading. — Gillian M. Cortez

Gov’t to provide free occupational safety training to MSMEs

OCCUPATIONAL safety training for establishments will now be provided for free based on a new policy issued by the Department of Labor and Employment (DoLE). In a statement on Sunday, DoLE said Labor Secretary Silvestre H. Bello III issued the directive to help establishments comply with safety requirements, especially with the coronavirus pandemic. “We are waiving the training fees being charged to micro and small businesses, and those companies in distress,” Mr. Bello said. The Occupational Safety and Health Center under DoLE used to charge a fixed fee of P5,500 per trainee. Employers are mandated to provide occupational safety seminars and training to workers under Republic Act 11058 or the Occupational Safety and Health Standards Act. — Gillian M. Cortez

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Your email address will not be published.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. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

A Cotswold-based authentic Italian food business set up by a couple who initially dreamed of sharing the classic flavours of Italy with the local...

Economy

Filinvest Land, Inc. (FLI), one of the country’s largest real estate developers, reported P4.31 billion in revenues and other income for the first quarter...

Investing

Tesco is to hand pig farmers £6.6m in additional support, taking the total to £10m, after warnings that a slew of producers could go...

Investing

Elon Musk has suggested that he could seek to pay a lower price for Twitter, as the social media company’s would-be owner expressed further...

Investing

Tens of thousands of apprenticeships could be created and hundreds of millions of pounds saved if the flawed apprenticeships levy were reformed, according to...

Economy

The man accused of killing a doctor and wounding five other people in a shooting at a Taiwanese-American church banquet in California methodically planned the attack because he was upset over Chinese-Taiwanese tensions,...

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...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

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...

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.