Biz Brief May 27 2022

Business Brief: New Taxes Pitched to Incoming Govt.

DoF to incoming government: defer tax cuts and introduce new taxes to save the economy. This and other business news from the past week.
3 mins read
document.addEventListener('DOMContentLoaded', function() { var postContentLinks = document.querySelectorAll('.detail-post-content a'); postContentLinks.forEach(function(link) { link.setAttribute('target', '_blank'); }); });

Another week ends, and we hope it’s been a profitable one for you. Here’s a roundup of this week’s business and ecommerce news.

Defer income tax cuts, impose new taxes

THE next government should postpone scheduled personal income tax cuts, impose new taxes and remove certain tax exemptions if it is to keep the economy growing and manage the record debt it will inherit from the Duterte administration, the Department of Finance (DoF) said on Wednesday.

In a briefing, Finance Undersecretary Valery Joy Brion said that a second tranche of personal income tax cuts set to take effect next year should be moved to 2026, adding that this would lead to P97.7 billion in annual savings. The tax cuts, primarily aimed at working Filipinos, are mandated under the 2017 Tax Reform for Acceleration and Inclusion (Train) law.

More details on The Manila Times

PCCI, business groups: New PPA order hurts logistics sector

THE Philippine Chamber of Commerce and Industry (PCCI), along with other business groups, strongly called for the immediate revocation of an order by the Philippine Ports Authority (PPA) that they say threatens the transport and logistics industries and the economy.

logistics cost philippines
Image from Getty Images

A fee of P4,900, exclusive of 12-percent value-added tax (VAT) per tagged container, will be charged for the Trusted Operator Program-Container Registry Monitoring System (TOP-CRMS), which is a considerable amount, especially for the micro, small, and medium enterprises, the business groups said.

Read more on Business Mirror

BSP, banks fortify cyber defense

The Bangko Sentral ng Pilipinas (BSP) and banks operating in the country continue to strengthen cyber defenses and overall resilience amid the ongoing migration to the metaverse.

PricewaterhouseCoopers describes the metaverse as a three-dimensional digital world where one can purchase and sell goods and services, sign and enforce contracts, recruit and train talent, and interact with customers and communities.

Full story on PhilStar.com

Concepcion backs suggestion to give MSMEs subsidies   

PRESIDENTIAL Adviser for Entrepreneurship Jose Ma. “Joey” A. Concepcion III has backed the proposal to give subsidies to micro, small, and medium enterprises (MSMEs) to help the country’s economic recovery.   

The Federation of Free Workers (FFW) recently pushed for subsidized loans to MSMEs worth P100 billion to support the wage hike approved by different Regional Tripartite Wages and Productivity Boards for minimum wage earners.   

More details on Business World Online

Philippines return to pre-pandemic level seen by mid-year

Domestic economic activity is projected to return to pre-pandemic level by the middle of this year after a stronger-than-expected first-quarter gross domestic product (GDP) growth of 8.3 percent, according to the Bangko Sentral ng Pilipinas.

BSP

BSP managing director Zeno Ronald Abenoja said the strong growth in the first quarter is likely to be sustained with the further reopening of the economy from strict COVID quarantine and lockdown protocols.

More on PhilStar.com


One chat for all your needs!

If you want to track or get real-time updates on your parcels, we encourage you to go subscribe to Ninja Chat.

Ninja Chat

Enjoy hassle-free features including:
✅ Live Tracking Function
✅Automated notifications
✅ Live Chat Support
✅ Delivery Rescheduling

You can also directly talk to one of our customer service agents. Simply sign up with your account, choose “Inquiries”, click “Speak to Live Agent”, then click “Yes”.

Just go to this link to start your conversation with a Ninja Van agent: https://bit.ly/2GYKqUy.

#NinjaChat #TodoHustleNoHassle #NinjaVanPhilippines

Business Insights & ECommerce Tips
The Ninja Van Blog provides business insights, industry trends, Marketing and Branding tips, and weekly curated news related to business and ecommerce. Our blog is here to help MSMEs and DTC (direct-to-customer) companies grow their business and reach their brand goals.

Subscribe to our Ninja Van blog newsletter by registering below (scroll to the bottom of this page to sign up!). For comments and inquiries, send us an email at ph-commercial-content@ninjavan.co.

Table of Contents

Related Articles

Get useful business tips sent right into your inbox!

Subscribe to our newsletter to receive insightful business tips. Learn about marketing, branding, digital strategies, ecommerce trends, logistics and everything you need to know to run a successful ecommerce business.

By clicking “Subscribe” you agree to our Privacy Policy and give us consent to use your contact details for our newsletter.