Bam Aquino Pushes Tax Exemption For Starting Businesses

On Monday June 2, 2014, Senator Paolo Benigno “Bam” Aquino IV filed a bill which would give exemption to starting businesses to pay taxes for two years.

Bam Aquino

Senate Bill No. 2217 also known as “Start-Up Business Bill” will give the entrepreneurs enough time to establish their businesses in market before they will be obliged to pay taxes.

Based upon the report of Manila Bulletin, Aquino, who chairs the Committee on Trade, Commerce and Entrepreneurship, said that the bill will help businessmen to build a good foundation in order to remain in the market.

“The intervention provides the opportunity for these start-ups to get organized, establish their business operations and market base,” he said.

However, the bill will not be effective to the enterprises which are affiliated or franchised from any of the existing companies. Business owners must not also have an existing and previous registered companies.

The neophyte senator also believed that the new bill would benefit the Filipinos as they are trying to build their own business. When the two-year tax exemption ends, the businesses would pay the right taxes and will be part of the growth of country’s economy.

“The idea is not to exempt businesses, but to give them space to grow,” he added.

Aside form the Star-Up Business Bill, Bam Aquino seeks also for the passage of Senate Bill 2227 which would give tax exemptions to Marginal Income Earners or MIE’s including fisherman, farmers, sari-sari store owners and tricycle drivers whose income are just enough to support their family.

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