TAX revenues in the city are down from previous years but remain on target as the city readies its online tax payment platforms for activation by July.
According to Jerry Guevarra of the City Treasury Office, the city has collected thirty-two percent of its target revenue generation for the year so far, which has been slowed down due to a new scheme implemented this year where business tax payments have been spread out across the first three months of the year to avoid crowding.
As of March 14, the city has collected some P608.6 million pesos worth of revenue from both internal and external sources of income, almost a third of the year’s budget worth P1.9 billion.
The city was able to collect P100.3 million from real property tax; P106 million from business taxes; P27.2 million from other taxes; P113.2 million from other fees and charges; P10.6 million from the city’s portion from the Philippine Economic Zone Authority (PEZA); and P251.1 million from the Internal Revenue Allotment.
Some 800 businesses formally retired in 2020 while 485 businesses have formally retired as of March this year, which caused a negative impact on the estimated tax revenues of the city.
Meanwhile, the city continues to gear up for the implementation of its online tax verification system which is expected to go online this coming July.
City Treasurer Alex Cabarrubias confirmed that the systems are already in place and are ready for use once the city rolls out its online tax payment program.