Why it's important to amend the tax system for SMEs?

Wednesday, June 08, 2016

There's this saying that "Nothing is certain but death and taxes." Speaking of taxes, it is the one of the most grueling things that businesses worry about. Yes, we have to pay our taxes - it's our obligation after all - but with all the processes businessmen need to do, they often come out worried or frustrated.

There has been a need to amend and simplify the country's current tax system further, especially for Micro, Small and Medium enterprises, in order to raise the country's economic status further. Easing up the tax payment process means that valuable resources - time, money and manpower - are spent well. The extra time that businesses will save from the amends will then be used for future projects and activities that are valuable to them.

To be fair, the Bureau of Internal Revenue (BIR) has done measures to modernize the tax system, by doing the processing via the eBIR Forms that can be done at the companies' offices; but there is a lot to do to definitely improve it. Digitizing the process is one step, simplifying it is another.

There are individuals and organizations that are helping MSMEs to make full use of the current tax system, but that's not enough. There are high hopes that the next administration will be doing its best in answering to the needs of the MSME industry, and every business in the country are hoping for the same change.

There are lots of ideas and concepts on doing business in the Philippines at the 7th Philippine Business & Entrepreneurs' Expo this August 26 to 28 at the SM Megatrade Hall in Mandaluyong City. You can talk with fellow entrepreneurs, or just observe and gain knowledge to polish your business and expand it further.

This event is organized by business event organizer Ex-Link Management & Marketing Services Corporation. For inquiries and partnerships, call telephone numbers 633-01-53, 643-3887 or email info@exlinkevents.com. Ex-Link Events is also on FacebookTwitter and Instagram.

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