Running a sole trader business is a legal privilege, not a grey area. When income goes undeclared, compliant businesses are left carrying the weight for everyone else. Tying sole trader registration to a valid BIR number is a firm but necessary step to restore balance, improve compliance, and remind business owners that participation in the economy requires contribution, not avoidance.
Tag: economy
Asset Tax on Banks Raises Questions About Impact on Everyday Citizens
The 2025 National Budget proposes an asset tax on banks and insurance companies, aimed at making large financial institutions contribute more to the economy. While it promises steady government revenue and a sense of fairness, there are concerns about how the cost could be passed to customers through higher fees, interest rates, and insurance premiums. Small businesses and ordinary citizens could face added financial pressure, and maintaining investor confidence will be crucial. Transparency, consultation, and careful design will determine whether the policy strengthens the economy or places unnecessary strain on those who rely on the banking system.
