THE Makati Business Club (MBC) said it expects major improvements in the business climate with the passage of the Ease of Paying Taxes bill and the issuance of a new set of the implementing rules and regulations (IRR) for the Public-Private Partnership (PPP) Act.
It also expressed hope for the passage of a measure regulating internet transactions to encourage the creation of new businesses serving the online segment.
The MBC said in a statement on Tuesday that “these reforms will be a boon for taxpayers, entrepreneurs, consumers, and all citizens, all of whom deserve better public services.”
“We are confident they will help create a more attractive investment climate and generate more and better jobs,” it added.
MBC said that the Ease of Paying Taxes bill will help businesses, especially micro-, small- and medium-sized enterprises, contribute their share of taxes.
“We encourage the Bureau of Internal Revenue to follow with the implementation of its e-invoicing and e-receipts system,” the MBC said.
The MBC added that it hopes Congress will consider the business sector’s input with regard to the implementing rules and regulations of the PPP bill.
The MBC said it hopes the changes “make it more attractive for businesses to partner with the government at a time when gross domestic product growth is slowing, foreign direct investment remains weak, and government finances are under increasing pressure.”
“This is especially important for the provisions on unsolicited proposals, which have a valuable, defined role in the PPP space,” it added.
The internet transactions measure is needed to help drive entrepreneurship.
“This will allow technology to serve job-creating entrepreneurs as well consumers seeking convenience and better deals, while giving consumers reasonable protections,” the MBC said.
The MBC said that it is looking forward to other economic reforms once the Congress resumes session on Nov. 6.
“We continue to advocate for remaining economic reforms such as the apprenticeship bill, amendments to the Right of Way Act, and the enactment of an Enabling Law for Natural Gas Industry,” it said. — Justine Irish D. Tabile