Senator wants 2% tax on microenterprises

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Thursday, March 29, 2012

ILONGGO Senator Franklin M. Drilon is pushing for a lower tax on the gross income of only two percent on microenterprise development institutions engaged in activities that directly benefit the poor.

While in Iloilo City early this week, Drilon said small and medium enterprises are considered as engines of growth in the countryside that directly benefit the poor, therefore, it is imperative that the National Government help them by lowering the tax.

The senator filed Senate Bill 3162 known as the “Microenterprise Development Institutions Act of 2011” that recognizes the role of microenterprise development (microdev) institutions in boosting the financial capacity of millions of poor families with income and employment opportunities.

Drilon said his bill seeks to shore up government’s poverty eradication program by partnering with qualified microdevs and mandating them to implement microenterprise development strategy which seeks to empower the poor.

An already established microdev should have at least P20-million net worth and at least P10 million for newly organized in order to avail itself of the two-percent tax in lieu of all national and local taxes to be remitted to the National Government.

The bill mandates that these institutions should craft pro-poor programs and services such as providing them access to reasonable and affordable credit and related services including microfinance, microinsurance, health care and microhousing, as well as organizing training to business development. (Lydia C. Pendon)

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