Issue of February 11, 2018
     
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Sari–sari store reclassification sought for tax cut incentives
by PIO release

Sari-sari stores in the city will soon be reclassified as barangay microbusiness enterprise and provided with tax incentives.

In a proposed ordinance, Councilor Leandro B. Yangot Jr.  aims to reclassify sari-sari stores under the Barangay Microbusiness Enterprises Law of 2002 for the operators to be benefit from the tax rebates.

Under the proposed ordinance, any person possessing all the qualifications defined under the Barangay Microbusiness Enterprises Law may register to benefit from the incentives provided under the law.

The ordinance mandated the City Treasury Office to issue a certificate of authority to sari-sari store owners. The certificate shall be valid for two years and renewable for another two years.

Yangot said that in appreciation of the importance and value of the informal economy, appropriate licensing and permit procedures should be part of every informal worker’s basic legal rights, especially that the informal economy meets the needs of poor consumers by selling them goods at a cheaper price.

He said sari-sari stores contribute to the grassroots economy, even if the owners did not attend formal education in business.

He said sari-sari stores save its customers from transportation expenses in having to go to the central business district. Sari-sari stores also offer social and cultural entrepreneurship because they serve as a venue for people to rest, discuss, or exchange local events or news.

Section 2 of Republic Act  9178 or the Barangay Microbusiness Enterprises Act of 2002 provides that it is a policy of the State to hasten the country’s economic development by encouraging the formulation and growth of barangay microbusiness enterprises which effectively serve as seedbeds of Filipino entrepreneurial talents and integrating those in the informal sector with the mainstream economy through the rationalization of bureaucratic restrictions and the granting of incentives and benefits to generate employment and alleviate poverty.

The proposal was referred to the committee on market, trade, commerce and agriculture for study and recommendation.


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