Lopez: Barter taxable only if treated as business

  • 📰 cebudailynews
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 71%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

CDNTopStories Trade Secretary Ramon Lopez clarified Thursday, July 16, 2020, that barter trading is only taxable if such acts are being treated as a business. Read more: CDNDigital

Lopez made the remark after receiving flak over his pronouncement that barter is not allowed, saying that the Department of Trade and Industry will go after those involved in online barter.

“At kung itong local naman ang pinag-uusapan, wala namang pumipigil na batas dyan subalit they will be subject to registration, may regulation po yan, subject to registration tsaka subject to tax kung ito talaga ay negosyo na,” the trade secretary explained. “Kapag ito ay negosyo na talaga at above P3 million, talaga ho kailangan ng tax. Kaya yun ang initial reaction natin, sabi ko naman, kung hindi ito nata-tax at ito ay negosyo na, yun ang ilegal,” Lopez said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BusinessFind the latest information and analysis on the economy, industry performance and regulation, business deals, corporate earnings, and markets in Rappler Business. pamparampampaam may ibababa pa palaaaa Is it good or bad? This is a sign of bad economy. Bad for exporter and for OFW.
Source: rapplerdotcom - 🏆 4. / 86 Read more »