Today's Issue
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Editor's Take: Amnesty?
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SME Toolkit Road Show Update:From the City of Jewelers, SME Toolkit moved to the City of Kapeng Barako
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SME News:Plantersbank CEO urges "SME Enablement" at APEC SME Summit
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Tax Calendar
SME Toolkit Road Show Update
From the City of Jewelers, SME Toolkit moved to the City of Kapeng Barako
After a lively forum in Meycauayan, Bulacan, the SME Toolkit road show moved to Batangas, the city known for Kapeng Barako (strong coffee), last Thursday, September 20, 2007 in Hotel Ponte Fino.
Having a land area of 3,165.8 square meters, Batangas have several resources for their livelihood. Aside from agricultural products like rice, sugarcane, coconut and their kapeng barako, they also boast of their wonderful beach resorts and tourist spots.
With the stable livelihood that Batangueños are having, now is the right time for them to acquire higher technology solutions for their business operations.
To read more, click here!
Power Quote for SMEs
“If you can imagine it, you can achieve it; if you can dream it, you can become it – William Arthur Ward”
Tax Calendar
September 24 Last day of e-Filing for 2550M &2551M - VAT & PT for August 2007 (Groups B, C & D)
September 25 Last day of
• e-Filing for 2550M & 2551M - VAT & PT for August 2007 (Group A)
• e-Payment for 2550M & 2551M - VAT & PT for August 2007 (all EFPS groups)
• e-Filing/Filing & e-Payment/Payment for 2550Q - VAT for TQ ended August 2007
Source: Punongbayan & Araullo
Editor's Take
Amnesty?
In modern society, there are two things you cannot avoid: Death and Taxes. And while you cannot fend off Death when he comes knocking at the door, for the next six months, you can strike a deal with the Taxman.
In a seeming display of generosity, the government announced it is giving taxpayers who have not complied 100 percent with previous tax obligations six months starting September 6 to wipe their slates clean.
As a rule, this amnesty will cover all taxes unpaid in 2005 and previous years, including the corresponding penalties, surcharges and interests due to the state. The only exemptions to amnesty are those withholding taxes and deficiency assessments rendered final and executory in court or for failure to be properly protested.
Tax amnesty also means immunity from audit for those taxable years except for purposes of verifying the validity and correctness of claims for tax refund, credit, incentives and/or exemptions under existing laws. The immunity applies even if a taxpayer is already under investigation.
This space agrees that the 6-month amnesty offers a rare break for those who may have inadvertently or consciously dodged their obligations to the state. But it comes with an unavoidable consequence.
Given mounting pressure on government from international creditors and raters, the public can expect intensified tax collection and enforcement programs when the amnesty expires on March 5 next year.
What's your take on this? We want to hear from you! Click here and participate in the discussion.
Russelle S. Trinidad
SME BizLink Editor
SME News
Plantersbank CEO urges "SME Enablement" at APEC SME Summit
Ambassador Jesus P. Tambunting, chairman and CEO of Planters Development Bank-the Philippines' largest private SME development bank, proposed a new development approach called "SME enablement" for industrializing economies during the APEC Business Advisory Council (ABAC) SME Summit held in Melbourne.
To read more, click here!
