What documents is submitted by a BMBE in lieu of its income tax return?

In filing the annual income tax return, you must bring these documents: Copy of the BMBE’s Certificate of Authority. Sworn Statement of Assets of the BMBE and other documents needed. Latest Audited Financial Statements.

What are the incentives of BMBE?

The benefits under the BMBE are: income tax exemption from income arising from the operations of the enterprise; exemption from the coverage of the Minimum Wage Law (BMBE employees will still receive the same social security and health care benefits as other employees); priority to a special credit window set up …

Are BMBE exempt from income tax?

Taxwise, BMBE is exempt from income tax with respect to its income from operations and as such, income payments to it is not subject to withholding taxes. While it is exempt from paying the minimum wage (e.g. P426/day in Metro Manila), employees salary should be reasonable enough.

What are the incentives and benefits of BMBE?

Incentive and Benefits:

Exemption from Taxes and Fees. – All BMBEs shall be exempt from income tax for income arising from the operations of the enterprise.
Exemption from the Coverage of the Minimum Wage Law.
Credit Delivery.
Technology Transfer, Production and Management Training, and Marketing Assistance.

How do I register with BMBE in DTI?

How does one register as a BMBE? Step 1 : Accomplish BMBE Application Form and submit to the nearest Negosyo Center or DTI Office where business is located. Step 2 : DTI will evaluate the eligibility of the application. Step 3 : If qualified, DTI issues BMBE Certificate of Authority (CA) which is valid for 2 years.

How does one register as a BMBE?

How does one register as a BMBE? Based on the revised guidelines issued by the DTI under DTI DAO No. 16-01, Series of 2016, any person, natural or juridical, such as partnership, corporation, association and cooperative, having the qualifications and none of the disqualifications shall be eligible to register as BMBEs.

When can I renew my BMBE?

A registered BMBE shall be issued a Certificate of Authority as proof of registration, effective for a period of two years. The application is renewable every two years.

What is the BMBE law?

An Act to promote the establishment of Barangay Micro Business Enterprises, providing incentives and benefits therefor, and for other purposes. Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled.

Who is a minimum wage earner a BMBE?

A BMBE refers to any business entity or enterprise engaged in the production, processing or manufacturing of products or commodities, including agro-processing, trading and services, whose total assets including those arising from loans but exclusive of the land on which the particular business entity’s office, plant …

Who can avail BMBE?

16-01, Series of 2016, any person, natural or juridical, such as partnership, corporation, association and cooperative, having the qualifications and none of the disqualifications shall be eligible to register as BMBEs.

Where can I get my BMBE certificate?

Applications for BMBE Certificate of Authority shall be filed with the Negosyo Centers established in each province, city or municipality, or in the DTI offices where Negosyo Centers have not been set up.

How do I get my BMBE certificate?

Step 1 : Accomplish BMBE Application Form and submit to the nearest Negosyo Center or DTI Office where business is located. Step 2 : DTI will evaluate the eligibility of the application. Step 3 : If qualified, DTI issues BMBE Certificate of Authority (CA) which is valid for 2 years.

What is bmbe?

What is BMBE? Posted by Foodcartlink | In Articles. In summary, Republic Act No. 9178 is called Barangay Micro Business Enterprises (BMBEs) Act of 2002. This Act refers to any business entity or enterprise engaged in the production, processing or manufacturing of products or commodities, including agro-processing, trading and services,

How to register a bmbe?

The Office of the Treasurer of each city or municipality shall register the BMBEs and issue a Certificate of Authority to enable the BMBE to avail of the benefits under this Act. The LGUs shall issue the Certificate of Authority promptly and free of charge.

What is the bmbe Development Fund?

Technology Transfer, Production and Management Training, and Marketing Assistance. – A BMBE Development Fund shall be set up with an endowment of Three Hundred Million Pesos (P300,000,00) from the Philippine Amusement and Gaming Corporation (PAGCOR) and shall be administered by the SMED Council.

What is bmbe (barangay micro-business enterprise)?

There are tax benefits given to the SME or having a small business in the Philippines. These are Marginal Income Earner (MIE) and Barangay Micro-Business Enterprises (BMBEs). In this article, we will help how to register as BMBE (Barangay Micro-Business Enterprise)