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    Barangay Micro Business Enterprises (BMBE's) Act of 2002

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    MyrnaJoyPajoJapos
    The Barangay Micro Business Enterprises (BMBE's) Act of 2002 aims to promote the establishment of small local businesses. It defines a BMBE as a business with total assets of less than 3 million pesos. The law provides incentives for registered BMBEs such as tax exemptions. It also exempts BMBEs from minimum wage laws but ensures employees still receive benefits. The penalty for violating provisions of the Act include fines from 25,000 to 50,000 pesos and imprisonment from 6 months to 2 years.

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    Barangay Micro Business Enterprises (BMBE's) Act of 2002

    Uploaded by

    MyrnaJoyPajoJapos
    157 views1 page
    The Barangay Micro Business Enterprises (BMBE's) Act of 2002 aims to promote the establishment of small local businesses. It defines a BMBE as a business with total assets of less than 3 million pesos. The law provides incentives for registered BMBEs such as tax exemptions. It also exempts BMBEs from minimum wage laws but ensures employees still receive benefits. The penalty for violating provisions of the Act include fines from 25,000 to 50,000 pesos and imprisonment from 6 months to 2 years.

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    The Barangay Micro Business Enterprises (BMBE's) Act of 2002 aims to promote the establishment of small local businesses. It defines a BMBE as a business with total assets of less than 3 million pesos. The law provides incentives for registered BMBEs such as tax exemptions. It also exempts BMBEs from minimum wage laws but ensures employees still receive benefits. The penalty for violating provisions of the Act include fines from 25,000 to 50,000 pesos and imprisonment from 6 months to 2 years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    157 views1 page

    Barangay Micro Business Enterprises (BMBE's) Act of 2002

    Uploaded by

    MyrnaJoyPajoJapos
    The Barangay Micro Business Enterprises (BMBE's) Act of 2002 aims to promote the establishment of small local businesses. It defines a BMBE as a business with total assets of less than 3 million pesos. The law provides incentives for registered BMBEs such as tax exemptions. It also exempts BMBEs from minimum wage laws but ensures employees still receive benefits. The penalty for violating provisions of the Act include fines from 25,000 to 50,000 pesos and imprisonment from 6 months to 2 years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Barangay Micro Business Enterprises (BMBE's) Act of 2002.

    REPUBLIC ACT NO. 9178 (Important Provisions)

    November 13, 2002


    Purpose: AN ACT TO PROMOTE THE ESTABLISHMENT OF BARANGAY MICRO
    BUSINESS ENTERPRISES (BMBEs), PROVIDING INCENTIVES AND BENEFITS
    THEREFOR, AND FOR OTHER PURPOSES.
    Title: "Barangay Micro Business Enterprises (BMBE's) Act of 2002."
    Definition of Terms:

    (a) "Barangay Micro Business Enterprise," - hereinafter referred to as 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 and equipment are situated, shall not be more than Three Million Pesos (P3,000,000.00).
    Sec. 5. Who are Eligible to Register as BMBE? Any person, natural or juridical, or cooperative, or
    association, having the qualifications as defined in Sec. 3(a) hereof may apply for registration as
    BMBE.
    INCENTIVES AND BENEFITS

    Sec. 7. Exemption from Taxes and Fees All BMBEs shall be exempt from tax for income
    arising from the operations of the enterprise. The LGUs are encouraged either to reduce the
    amount of local taxes, fees and charges imposed or to exempt BMBEs from local taxes, fees and
    charges.
    Sec. 8. Exemption from the Coverage of the Minimum Wage Law The BMBEs shall be
    exempt from the coverage of the Minimum Wage Law: Provided, That all employees covered
    under this Act shall be entitled to the same benefits given to any regular employee such as
    social security and healthcare benefits.
    PENALTY
    Sec. 13. Penalty - Any person who shall willfully violates any provision of this Act or who
    shall in any manner commit any act to defeat any provisions of this Act shall, upon
    conviction, be punished by a fine of not less than twenty-five Thousand Pesos (P25,000.00)
    but not more than Fifty Thousand Pesos (P50,000.00) and suffer imprisonment of not less
    than six (6) months but not more than two (2) years.
    In case of non-compliance with the provisions of Sec. 9 of this Act, the BSP shall impose
    administrative sanctions and other penalties on the concerned government financial
    institutions, including a fine of not less than Five Hundred Thousand Pesos (P500,000.00)

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