A TAX EXPERT said it is a good idea for the government to simplify tax regimes for micro, small and medium enterprises (MSMEs).
Speaking on ANC’s Market Edge on Monday, Feb. 19, Asian Consulting Group chief tax advisor Mon Abrea said the Ease of Paying Taxes Law has started simplifying taxation for small businesses, but this can still be improved.
“We may have to consider flat tax. There will be no other taxes but 10 percent, and that’s all that micro and small taxpayers should be paying,” he said.
Abrea had earlier voiced concerns about the new law placing cash constraints on MSMEs, because it now makes value added tax (VAT) payments accrual.
In this interview, he also talked about other tax reforms that are top of mind for investors. (ABS-CBN News)
