Marikina OKs tax breaks for smalltime businessmen
The Marikina City council recently passed an ordinance that exempts small and home-based businesses from paying business taxes in 2013.
Under Ordinance No. 58, Series of 2012, businesses with a capital investment of P10,000 or less will enjoy tax exemptions.
Owners seeking to renew their business permits and who have accumulated annual gross sales of P50,000 or less are also exempted from paying the business tax for the same year.
“We hope that through this ordinance, small and home-based businesses can adjust with the continuous price increase in the market,” Mayor Del De Guzman said.
According to De Guzman, the new law would also help solve employment problems in this sector of the local business community.
The city’s public information office also said the new law was in line with City Hall’s objective of providing services that are responsive to the needs of Marikina residents.
It clarified, however, that the same business owners are not exempt from other taxes that are imposed by the city government through other ordinances. Kristine Felisse Mangunay
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.