Business experts are advocating for a tax holiday for start-up companies to make the Philippines the entrepreneurship hub of Asia. Potato Corner CEO Jose Magsaysay Jr. believes that the move will help to boost start-up investments in the country. Founding Chairman and Chief Tax Advisor of Asian Consulting Group, Mon Abrea, has also highlighted that the Philippines’ Startup Act initially had a two-year tax exemption ”to become an established business” but this provision was removed from the final version. Senate Bill No. 2217 could offer some tax respite if passed. The bill proposes that start-up enterprises would be exempt from all national and local taxes for the first two years of incorporation. The International Tax Conference, featuring representatives from the International Monetary Fund and World Bank, is set to address these important topics in June.
Experts and Business Leaders Push for Tax Holiday to Aid Startups’ Growth
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