Start-up Taxumo gets BoI nod for IPP incentives

TAXUMO, INC., a firm offering online tax payment services to local small business owners and professionals, has been given approval by the Board of Investments (BoI) as a new creative industries/knowledge-based services provider under the preferred activities of the 2017 Investment Priorities Plan (IPP). The P5million project, based at the Bonifacio Global City in Taguig, is the first digital start-up firm approved by the BoI under the 2017 IPP, which promotes micro, small and medium enterprises (MSMEs) and innovation-driven activities through fiscal incentives and other non-fiscal support. “Digitalization is a great equalizer that levels the playing field among small and large firms. Adopting an innovation-led business model, like the integration of digital strategies and e-commerce, enables MSMEs to scale-up their status and become competitive in the long run,” Trade Secretary and BoI Chairman Ramon M. Lopez said in a statement. The project also complements the overall strategy of the Startup Ecosystem Development Program (SEDP) of the Department of Trade and Industry (DTI). SEDP is a five-point program developed by the Trade department as an industry cluster program to foster inter-enterprise linkages among MSMEs and strengthen collaborative networks. With this plan, the government aims to create high-growth and high-impact start-ups that will nurture innovation, sustain economic growth and generate large-scale employment opportunities.