Marikina City, famous for being the country\\\'s shoe capital, will cut taxes for new and existing shoe and leather businesses as part of its efforts to help the industry.
The new ordinance will slash taxes for start-up footwear and leather goods businesses. Business tax upon license application will be waived for new shoe and leather businesses during the first year of operation.
On the second year of operation, a 75 percent discount on business tax upon license application will apply; 50 percent discount on business tax upon license application on the third year; and 25 percent discount on business tax upon license application during the fourth year.
Existing shoe and leather businesses can avail of a 30 percent discount on business tax valid for five years.
Marikina City Mayor Del De Guzman said in a statement: “We hope that the implementation of this ordinance will enable our shoe manufacturers ease their financial burdens to continue improving their craftsmanship as a whole.”
The new ordinance does not include regulatory fees so entrepreneurs in the city will still need to pay for fees related to running a business like sanitation, fire inspection, garbage, health, and building inspection.
Shoe and leather entrepreneurs should apply to the city’s Business Permits and Licensing Office to avail of the tax relief. For more details, click here.
To know more about setting up a business in the Shoe Capital of the Philippines, check out:
16 steps to starting a business in Marikina City