Breaking News

No more business taxes

Jean Marvette A. Demecillo (The Freeman) – September 7, 2019 – 12:00am

CEBU, Philippines —  All small and home-based businesses in Cebu City may soon be exempted from paying business taxes if the proposed measure for this purpose will be approved.

City Councilor Eugenio Gabuya Jr. said those that will be exempted are those with a P10,000 start-up capital or businesses that will not exceed P50,000 in annual gross receipts.

“It is for the paramount interest of the residents of Cebu City to grant small and home-based owners reprieve from paying business taxes,” he said.

These small businesses, however, should not sell cigarettes and/or liquor.

In the proposed measure, Gabuya said these businesses are still mandated to secure their business permit from the city government.

A business tax refers to the tax imposed by the city government to the income of the businesses operating in the city.

Even with the exemption of the payment of business taxes, Gabuya said there will be regulatory fees that will be collected from the business owners in compliance with the existing laws and ordinances.

A regulatory fee is defined in the proposed measure as a fixed charge under the law or ordinance for the regulation or inspection of a business.

“Most women residing in Cebu City are putting up small and home-based business to augment their family’s income,” Gabuya said.

He said the exemption will promote a rising standard of living and improve the quality of life for all the city’s residents.

Gabuya said the implementing office will be the city’s Business Permit and Licensing Office which will promulgate the necessary implementing rules and regulations to carry out the provisions of this ordinance within 15 days from the approval.

He referred his proposal to the council’s committee on laws, ordinances, and styling and the committee on budget and finance for their comments and recommendations.

Before the final approval of the measure, this will still be subject to final deliberation.

If the City Council will pass the proposed measure, the measure still needs the final stamp of Mayor Edgardo Labella before it will be published and implemented. — BRP (FREEMAN)


Check Also

‘Miracle’ a glitch

CEBU, Philippines —  What happened at the Archdiocesan Shrine of San Nicolas de Tolentino Parish …

Leave a Reply

© CebuCentral.Com