MANY BUSINESS owners in Zamboanga City had closed shop due to the high cost of space rentals and government taxes due to the TRAIN Law or the Tax Reform for Acceleration and Inclusion Act signed into law by President Rodrigo Duterte in 2017.
Because of the TRAIN Law, higher taxes have been imposed in personal income tax, estate tax, donor's tax; value added tax, documentary stamp tax and the excise tax of tobacco products, petroleum products, mineral products, automobiles, sweetened beverages, and cosmetic procedures.
“Many of the business owners had to close shops because of higher rentals of office and commercial spaces. Establishment or building owners charge additional 10% to the rent every year. And the TRAIN Law of Duterte added burden to all of these, to them, to us,” said one trader who was able to continue her business on a break-even point last year.
The local licensing office under Benjie Barredo said it registered a total of 11,131 applications and assessed 11,047. Last year, a total of 11,109 applied for renewal of license.
He said some P175 million in local revenue were collected with around P300 million more still to be collected by the Office of the City Treasurer within the year. Barredo said there were 287 new business applications in January this year compared to only 55 in January 2019. (Zamboanga Post)
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Because of the TRAIN Law, higher taxes have been imposed in personal income tax, estate tax, donor's tax; value added tax, documentary stamp tax and the excise tax of tobacco products, petroleum products, mineral products, automobiles, sweetened beverages, and cosmetic procedures.
“Many of the business owners had to close shops because of higher rentals of office and commercial spaces. Establishment or building owners charge additional 10% to the rent every year. And the TRAIN Law of Duterte added burden to all of these, to them, to us,” said one trader who was able to continue her business on a break-even point last year.
The local licensing office under Benjie Barredo said it registered a total of 11,131 applications and assessed 11,047. Last year, a total of 11,109 applied for renewal of license.
He said some P175 million in local revenue were collected with around P300 million more still to be collected by the Office of the City Treasurer within the year. Barredo said there were 287 new business applications in January this year compared to only 55 in January 2019. (Zamboanga Post)
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