The Philippine Senate July 7 accepted for consideration Bill No. 230, to provide temporary tax relief to specified micro, small, and medium-sized enterprises (MSMEs). The bill includes measures to: 1) exempt sole proprietorships, cooperatives, partnerships, and corporations classified as MSMEs from income tax for three years; and 2) provide a 25 percent additional deduction for labor expenses incurred for each employee hired by the MSME within three years, but not taxpayers earning compensation income from personal services rendered in an employment relationship. The law would enter into force on the fiscal year immediately following publication. [Philippines, Senate, 07/07/25]
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