While praising the Bureau of Internal Revenue for simplifying the VAT filing to quarterly, instead of monthly, Rep. Ordanes nonetheless suggested more simplified systems for seniors and MSMEs to ensure their compliance.
Rep. Rodolfo Ordanes of the Senior Citizen Partylist lauded the move of the Bureau of Internal Revenue to simplify tax compliance for entrepreneurs by making VAT (value added tax) filing quarterly, instead of monthly.
But he also suggested that the BIR should implement other measures to enable micro small and medium enterprises (MSMEs) to comply with the CREATE Law and the TRAIN Law. CREATE law or Republic Act No. 11534, is the Corporate Recovery and Tax Incentives for Enterprises while TRAIN law is RA 10963 or the Tax Reform for Accelration and Inclusion.
Majority of taxpayers will receive further personal income tax cuts beginning January 1, 2023 under TRAIN law, which, among others, adjusted personal income tax rates, to make the tax system simpler, fairer, and more efficient
For example, there should be mobile apps versions of the BIR tax form so that it would be easier for ordinary MSME owners without college education to understand the ways on how to complete and file their income and business taxes, he said.
Many MSME owners, including online sellers are unaware of the low tax rate 3% for business income of less than P3 million in one taxable year, of how to get their Taxpayer Identification Number and IDs, and of the online means of filing tax forms.
The BIR should work with the many Negosyo Centers to make it easier for MSMEs and compensation-only earners to file tax forms.
The BIR should also work with state universities and colleges to produce more Certified Tax Technicians from among the thousands of business course graduates.
With the TESDA, the BIR can promote the technical-vocational bookkeeper courses among senior high school students, especially those who take the Accountancy, Business, and Management Strand in Grades 11 and 12 of senior high.
Tags: #BIR, #RepOrdanes, #VATfiling, #TRAINlaw, #CREATElaw