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Lopez: Barter taxable only if treated as business

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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.

 

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