Senate backs tax exemption for small traders and earners

A provision in the proposed tax reform package that seeks to exempt micro businesses and marginal income earners from income tax is expected to help small business to grow and encourage the self-employed and professionals to comply with their tax obligations, according to a senator.

Sen. Juan Edgardo Angara, who heads the Senate Committee on Ways and Means, on Friday said he considers the provision as a very good proposal since it would not involve imposing tax on small businesses, giving them a chance to grow and provide employment opportunities.