Business groups say local tax hike could hurt MSMEs
THE 10% increase in business taxes in Davao City that took effect this year could hurt micro, small and medium enterprises (MSMEs), said business leaders as they called on the city government to implement more projects to boost economic growth. The Davao City Chamber of Commerce and Industry, Inc. (DCCCII) said the increase in local taxes needs to be “reasonable” so as not to discourage MSMEs. The Mindanao Business Council, through Chair Vicente T. Lao, said while it would be better if there is a status quo in the tax rates, an adjustment is welcome if there is a corresponding development plan. —