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Manila Bulletin devider Philippines devider National devider Solon urges BIR to grant tax breaks to stores offering higher discounts to seniors, PWDs

Solon urges BIR to grant tax breaks to stores offering higher discounts to seniors, PWDs

Published Mar 27, 2024 03:48 am

At A Glance

  • Camarines Sur 2nd district Rep. LRay Villafuerte said the Bureau of Internal Revenue (BIR) should consider granting tax incentives to supermarkets and other retail outlets following the new policy of higher discounts on essential grocery items purchased by senior citizens and persons with disabilities (PWDs).

seniors grocery.jpg(MANILA BULLETIN)

 

 

 

 

 

 

The Bureau of Internal Revenue (BIR) should consider granting tax incentives to supermarkets and other retail outlets following the new policy of higher discounts on essential grocery items purchased by senior citizens and persons with disabilities (PWDs), a lawmaker said.

In a statement, Camarines Sur 2nd district Rep. LRay Villafuerte said granting tax breaks or deductions would ensure compliance among stores that are struggling with thin profit margins.

“Such a tax break would spell financial relief for them—and help ensure their greater compliance with this new House-initiated economic benefit for our seniors and PWDs in the face of the ever-spiraling cost of basic commodities,” he said.

Under the new joint administrative order by the Department of Trade and Industry (DTI), the Department of Agriculture (DA), and the Department of Energy (DOE), the price reductions for basic necessities and price commodities (BNPCs) were raised from the previous cap of P65 to P125.

Villafuerte saoi this means senior citizens and PWDs are entitled to get as much as P500 in discounts every month.

About 40 BNPC goods were given higher discounts, this includes rice, bread, vegetables, instant noodles, sugar, cooking oil, salt, flour, dairy products, toilet and bath soap, paper and school supplies, household liquid petroleum gas (LPG), and veterinary products, among others.

The National Unity Party (NUP) president pointed out that given the current inflation rate, this new policy will help certain sectors grapple with the “never-ending spiral in the cost of living”.

“If the BIR does not consider granting tax credits to retail outlets, there is a greater possibility for supermarkets or grocery stores to ignore this would-be policy or jack up the prices of their BNPC items to cancel out the discounts of seniors and PWDs who would buy from them,” stressed Villafuerte.

Citing the Philippine Amalgamated Supermarkets Association Inc. (PAGASA) and the Philippine Retailers Association (PRA), the lawmaker said tax credits and subsidies would be beneficial to relieve retailers, especially small enterprises, from the higher BNPC discounts.

These discounts shall be in effect on top of the already mandated 20 percent discount and value-added tax (VAT) exemption for seniors and PWDs under Republic Act (RA) No. 9994 and RA No. 10754. 

Related Tags

Bureau of Internal Revenue (BIR) discounts lray villafuerte Senior citizens Persons with disability (PWDs)
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