By HANNAH TORREGOZA
For those who have qualms over the program, Senator Juan Edgardo “Sonny” Angara yesterday said the newly-enacted tax reform law would make doing business in the Philippines a lot much easier.
Angara, chair of the Senate committee on ways and means that led deliberations into the tax reform measure, said that under Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law, Filipinos with small businesses will not only find their taxes reduced, but also enjoy the perks of simplified filing of tax and payment processes.
“Marami talaga sa ating self-employed at professionals ang nahihirapang makasunod sa mga regulasyon ng pagbubuwis.
Minsan nga, mas malaki pa ang gastos nila sa pag-comply sa tax rules kesa sa mismong babayaran nilang buwis,” said Angara.
“Kaya minabuti nating padaliin na ang sistema lalo na para sa mga maliliit na negosyante,” he said.
Under the law, the senator said the Bureau of Internal Revenue (BIR) is mandated to cut the income tax return (ITR) forms from the current 12 pages to four pages only.
RA 10963 also clearly states that the BIR commissioner must simplify the business registration and tax compliance requirements of self-employed individuals and professionals.
“We are hopeful that these reforms would not only incentivize our self-employed and professionals to pay correct taxes, but also encourage more Filipinos to engage in business,” he said.
