Business

Online barter trade illegal: DTI to run after unregistered online sellers

Trade Secretary Ramon Lopez urged online traders to register as he declared barter trading as illegal and in violation of the tax law.

Trade Secretary Ramon Lopez urged online traders to register as he declared barter trading as illegal and in violation of the tax law.

Communities on lockdown resorted to the barter system to acquire goods during the coronavirus pandemic.

Lopez said while there is no exchange of cash, barter trading should be taxable.

Netizens, however, weren’t pleased by Lopez’s plan to go after online barter trade.

“Wow ha? Lahat nalang talaga makakuha lang ng tax,” one said.

An accounting student said tax only applies on money-based deals, so this was absurd.

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