Marikina City’s Mayor, Marcy Teodoro, has taken a significant stride towards supporting local businesses. He has enacted an ordinance extending the deadline for business permit renewal to March 31, 2024, from the previous deadline of January 20, 2024. The ordinance ensures that businesses within the city limits will not face any surcharges or penalties for renewing their permits within this extended period.
Exemptions for Small Businesses
Mayor Teodoro’s pro-business approach doesn’t stop at extension deadlines. In a further effort to foster a supportive climate for small-scale investments, he has approved another ordinance. This measure confers a 100% exemption from business permit fees and business taxes to particular small businesses for the tax year 2024. Beneficiaries of this exemption are primarily sari-sari stores and carinderias—cornerstone establishments of Filipino community life.
Criteria for Exemptions
However, to qualify for these benefits, these small enterprises must meet certain criteria. Firstly, they should have a start-up capital that does not exceed P10,000. Secondly, their annual sales should not surpass P180,000. Lastly, they must not be involved in the selling of cigarettes or alcohol. This exemption is not a new initiative, but a continuation of a policy that has been in place since 2017. It forms part of the city’s drive to support small businesses severely affected by the COVID-19 pandemic.
Aiding Recovery and Boosting Local Economy
The extended deadline for business permit renewals and the exemptions for small businesses are clear indications of Marikina City’s commitment to aiding the recovery of its local economy. By allowing businesses more time to renew their permits without incurring penalties and by providing fee and tax exemptions to small businesses, Marikina City is not only supporting its business community but also boosting its local economy during these challenging times.
