Tuesday, December 2, 2014
SOLONS: TAX PERKS FOR CO-OPS, SOCIAL ENTERPRISES
Manila- Several lawmakers are seeking to provide tax perks for social enterprises in a bill they filed before the House of Representatives.
COOP-NATCCO Party List Rep. CRESENTE C. PAEZ, and Dr. ANTHONY BRAVO; and Ifugao Rep. Teddy Brawner Baguilat, Jr. have filed HB 1331, which seeks tax exemptions and tax breaks for social enterprises and social investors.
The bill also seeks to give them preferential treatment in government procurement, including coverage of performance bonds, as well as cash incentives like 25 percent of minimum wage for social enterprises employing persons with disabilities.
At the same time, the bill seeks to provide accessible, non-collateralized loans through special credit windows with a guarantee fun pool; comprehensive insurance system to reduce vulnerability to climate change/calamities; resources for comprehensive capacity development for social enterprises and poor as partners; and mainstream social enterprise content on formal education system; proactive social enterprise market development program promoting principles of fair trade; research and development on strategic economic sub-sectors; appropriate technologies and innovations to democratize access of poor to quality basic social services and recognition and support for local government units in developing social enterprises.
In the bill's explanatory note, the authors said there are more than 30,000 social enterprise sectors all over the country, which are either cooperatives, corporations, single proprietorship and NGO-assisted enterprises.
By RG Cruz, ABS-CBN News