Loan sharks prowls the hapless

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Marginal Note
Felix ‘Boy’ Espineda, Jr., BicolToday.com

The tacked of BIR Commissioner Kim Jacinto Henares, going after tax cheats must be complimented by the local government units for within their turf, loan sharks prowls like sidewalk vendors. Their presence has its permanency that in the rank and file, they know who to access an easy loan.

What is on the paper are those legitimate financing houses who are regulated and those who prowl the market place and other places are unknown, they are not paying any taxes at all, yet they charge onerous rates which the BIR can go after. But where to identify this illicit traders needs the help of local government units and other government agencies. It is common that we see bearded foreign national plying the trade charging as high as twenty percent and doubling it up with an offer of goods way beyond the market price, while those within the premises of government building ply their trades willfully as if it has the sanction of the local chief executive for cashiers and other treasury personnel are the one collecting for them. If they are existing within, which they are, they must be slap with appropriate taxes and a local legislation must be pursued to effect additional revenues for the government. This can be a good start for cooperation between an LGU and the BIR.

Sometimes loan sharks are employees of the unit, thus depriving the government of man hours in serving the public for they have to balance their accounts and worst even public officials source their funds from them thus giving them the supremacy to lord it over in the government compound. Loan sharking foreign nationals must be identified, this task can be possible with the cooperation of the immigration agency, local government units, DILG and the finance department. If this can be handled properly, millions more will be earned by the government.

Consider the amount collected if they will be required to register as legitimate enterprise, they will secure a business registration, a barangay and mayor’s permit and an LGU will have a data base which can be easily access by the internal revenue service to assess their gross income subject to tax. They will be obliged to secure community tax certificates and other administrative fees thus adding to the sources of income of the local government. This action needs legislative fiat which can be done without hassle for they are empowered under the local government code. Sad however, that people in the legislative of most of the local government units countrywide are not apt to the legislative works reposed in their office. They do’nt know where to and when to act to help source funds for the government. Yet they know when to slice funds for their own taking.

Maybe its high time that an inter-agency tasked force or a co-opting strategy between agencies and instrumentalities of the government become workable with the aim of identifying and regulating this multi-million industry who are not paying taxes to the government. They are being served by the government from the time of their birth and in their death, they use government facilities, thus but even that they should be paying the right amount of taxes.

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