The Department of Trade and Industry (DTI) yesterday bared three measures as its priority legislative agenda, including a new suggestion in a proposed law granting tax exemption to newly-registered e-commerce and micro enterprises.
The DTI identified the ratification of the Regional Comprehensive Economic Partnership (RCEP) Agreement; the Omnibus MSME (micro, small and medium enterprises) Code and the Internet Transactions Act as key bills for consideration at the hearing of the Senate committee on trade, commerce and entrepreneurship.
The agency also submitted other important bills that it wants Congress to pass: amendments to the Electronic Commerce Act; Revised Consumer Act; Expanded Price Act ; Bamboo Industry Development Act; Salt Industry Development Act; amendments to the Intellectual Property Code and the National Quality Infrastructure.
The Senate failed to give its concurrence to the RCEP before it adjourned sine die last June despite strong lobby from government and business sectors. The Philippines is one of the three countries in the region yet to join RCEP, dubbed as the largest free trade partnership, which came into force in January.
The Omnibus MSME Code will introduce amendments to the Magna Carta on MSMEs to update the law to the current needs of small companies. The law took effect in 2008.
Under the Internet Transactions Act, the DTI proposes to grant tax exemption to newly-registered e-commerce and micro-enterprises from national and local taxes for thee first three years provided the enterprise is not an affiliate, subsidiary, or a franchise of any existing company.
