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Navotas fish port complex closed on August 1

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Navotas Fish Port Complex (NFPC), which supplies 70 percent of the fish requirements of Metro Manila, was closed on August 1 for disinfection. The Philippine Fisheries Development Authority said the fish port would be temporarily shut down from 1 p....

URC reports higher net income amid pandemic

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Universal Robina Corporation (URC) said its net income surged by 76 percent to P3.8 billion in the second quarter of the year, on the back of strong operating performance and foreign exchange gains.      In a statement, URC said its op...

Caloocan's Barangay 132 under lockdown

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A barangay in Caloocan City will be placed under a seven-day lockdown starting August 2 after the city’s health department reported a surge in coronavirus disease (COVID-19) cases in the area. Residents of Barangay 132, except exempted wo...

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DTI clarifies rules on ‘online barter’ 

account_balanceMetro News account_circleJake Cruz chat_bubble_outline0 Comments

Trade Secretary Ramon Lopez clarified his recent statement that ‘online barter’ is illegal, saying exchanges of goods for personal transactions, not as business, is allowed.
 
In a text message Wednesday, Lopez said barter trade is only allowed in three areas in the country -- Siasi, Jolo; Sulu and Bonggao, Tawi-Tawi.
 
“Outside those areas, barter trading across borders is not allowed. This is what I meant as illegal if done in other areas, or if done online and cross border and as a regular business, in (the) course of trade and not registered, not taxed,” he said.
 
During the community quarantine period, there is a resurgence of barter trading -- the world’s oldest form of trade by exchanging goods and services with no money involved in the transaction -- but it is now done in social media.
 
Exchanging their used gadgets for food and vegetable harvest for school supplies are among the transactions in the ‘online barter’, which are personal transactions.
 
Lopez said local barter trade is subject to regulation. 
 
It should be registered and is subject to tax if done in the course of business, he added.
 
Lopez further said this is also applicable to online transactions.
 
Barters with annual gross sales of PHP3 million are exempted from paying value-added tax, he said.
 
“However, personal transactions, not in the course of trade and business, are not covered by registration requirements,” he added. 


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