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Taxumo given four-year tax holiday by Board of Investments

By Nestor Domingo Jr - on 14 Aug 2017, 10:54am

Taxumo given four-year tax holiday by Board of Investments

Taxumo, the country’s first online tax assistance platform, has been granted a four-year tax holiday from the Board of Investments (BOI) as part of the government’s thrust to spur the digital startup industry as well as technological innovations in the Philippines.

The tax holiday was given so that the pioneering platform can focus its resources on growing its business. This approval makes Taxumo as the first digital startup firm approved by the BOI under the 2017 Investment Priorities Plan (IPP).  

“We are grateful that the BOI has given the attention to Taxumo, which sets a precedent for the tech startup industry to get the support it needs to move forward, which in turn will generate jobs and ease business operations. We are proud to be leading the way for the industry,” said EJ Aroleda, Taxumo Chief Executive Officer (CEO).

“Digitalization is a great equalizer that levels the playing field among small and large firms. Adopting an innovation-led business model, like the integration of digital strategies and e-commerce, enables MSMEs to scale-up their status and become competitive in the long run,” said Trade Secretary and BOI Chairman Ramon M. Lopez said. “We must effectively tap the potential of MSMEs as it forms a significant part in of our country’s growth resurgence and nurturing them not just as backbones of our economy but also one of the prime movers of both domestic and regional growth.”

BOI supports entrepreneurial startups as an engine for economic development and as a key driver of economic diversification and job creation. While the Philippine startups sector is at a nascent stage, our large young Internet-savvy population and growing economy make the country a hotbed for technology-driven activities,” said Ceferino Rodolfo, Trade Undersecretary, and BOI Managing Head. “The need to have a forward thinking mentality that is anchored on providing entrepreneurs and startups with the necessary support to start and grow right from the earliest stages of development.”

Taxumo is a web app that makes the tax payment, filing, and processing for solo entrepreneurs, self-employed professionals, and freelancers easier. It works through providing the real-time calculation of users’ income and expenses in the system – varying from either monthly, quarterly, and annual forms.

Users can avail of paid subscription packages on the platform, depending on their needs. For more information, visit the website www.taxumo.com.