RDC supports tax free bill for start-up business

TUGUEGARAO CITY, Cagayan, November 2 (PIA) - - Regional Development Council (RDC) region 2 has recently approved a resolution supporting Senate Bill no. 2217, exempting start-up enterprises from taxes arising from the first two years of operation.

NEDA regional director and council acting chair MaryAnn Darauay said development and growth of enterprises are constrained by high cost of doing business and the inadequate support for start-up enterprises especially in establishing their start-up funds and sustaining their current operations.

“Start-up enterprises need adequate time to prepare and establish their business operations and market base to be able to compete in the local and foreign markets so we have to give time for them to establish well their businesses,” Darauay said.

The bill proposes for exemption of start-up business from all local and national taxes for the first two years of its operation, provided  they are duly registered business and do not have any previous or other exiting registered businesses.

Darauay said the proposed exemption is expected to foster inclusive growth by encouraging the creation of more enterprises in the country that would facilitate job creation, innovation, production and trade.

“This recognizes the role of enterprises development in accelerating economic growth and pursue endeavor bringing competitive industry sectors in the ASEAN integration,” Darauay added.

The council members are hopeful the bill will be favored by the majority of the law makers and to take effect immediately. (ALM/OTB/PIA-Cagayan)

- See more at: http://news.pia.gov.ph/article/view/461446100885/rdc-supports-tax-free-bill-for-start-up-business#sthash.rU3hElbi.dpuf

source:  PIA