ABOUT 30 micro, small and medium enterprises (MSMEs) in Negros Occidental attended the tax seminar which underscored taxation and impact of tax reform especially among small businesses.
The activity is part of the nationwide tax roadshow of the Center for Strategic Reforms (CSR) of the Philippines in collaboration with the Department of Trade and Industry (DTI) and other partner-groups.
CSR Philippines Founder and President Raymond Abrea, who spoke at the activity held at the Negosyo Center in Bacolod City on Friday, November 23, said it is important that the public should understand taxation as Filipinos, especially businesses, have the obligation to pay taxes.
Abrea, also known as tax whiz in the country, said while people are assisted to start and grow their own businesses, there is also a need to educate them about their responsibilities as taxpayers.
“This activity reminds enterprises, particularly MSMEs, that doing business is not free. Because you are earning, you have taxes to pay,” he added.
The tax roadshow in Bacolod City was the first in Western Visayas. The same activity has been conducted in other localities in Luzon and Mindanao.
Abreo was recipient of various recognition including Move Awards 2016 Digital Maker, One of the Outstanding Young Men of the Philippines in 2015, Asia CEO Young Leader of the Year in 2015, One of the Outstanding Young Persons in the World in 2017, and Distinguished Bedan in the field of Accounting and Taxation, among others.
He is also the author of the bestselling tax handbook entitled “Got a Question about Taxes? Ask the Tax Whiz.”
During the seminar, Abreo stressed that the Tax Reform Acceleration and Inclusion (Train) Law, in fact, has many benefits.
He said, however, people are not talking about it thus, their group is going around the country to enable Filipinos to understand the many positive impacts of the 106-page law.
“The legislation offers many benefits which we can avail if we just fully understand it,” Abrea said, adding that other packages will follow resulting in further lowering of corporate income tax which businesses must also prepare for.
Reiterating the responsibility of businesses in paying taxes, the taxation expert pointed out that the Train law only exempts Barangay Micro Business Enterprises (BMBEs) from paying income tax.
Under the law, BMBEs are given a two-year exemption provided they have to process it.
Abrea said enterprises should not assume that they have no tax obligations because they are still small.
“I think this is the problem with our fellow Filipinos thus, the DTI Negosyo Center is helping a lot as it has business counselors, like us from the private sector, who provide necessary knowledge among our businesses,” Abrea added.
While taxation in the country remains complicated, he stressed the need to continue pushing for tax reform to make paying of taxes easier and acceptable for all Filipinos.
“The real change should be felt by everyone. This means that in paying taxes, those earning more should pay more,” Abrea said, adding that the government should, on the other hand, subsidize smaller businesses. (EPN)