Solon renews tax credit bid for retail shops

A legislator from the Bicol region on Sunday appealed anew to the Bureau of Internal Revenue to consider granting tax credits to supermarkets and other retail stores that are required to give discounts to seniors and disabled individuals.

Villafuerte pointed out that with many small supermarkets and retail outlets apparently struggling already with thin profit margins, “such a tax break would spell financial relief for them—and help ensure their greater compliance with this new House-initiated economic benefit for our seniors and PWDs in the face of the ever-spiralling cost of basic commodities,” Villafuerte said.

The owner of a drug store said politicians who enact laws that grant discounts to seniors and PWDs succeed in looking good and possibly gaining the votes of those discount beneficiaries at the expense of retail shop owners, most of whom are struggling to survive.“It does not cost them anything to look good to seniors and PWDs.

Source: Loan Digest (loandigest.net)

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