The city government is able to achieve an eighty nine percent of its targeted tax collection for the year with barely less than two months remaining for the year 2024.
City Treasurer Alex Cabarrubias said that the city government was already able to collect more than PhP2.29 billion from the targeted PhP2.58 billion tax collection for the whole year.
He reported that the city was able to collect more than PhP126.4 million real property taxes with advance payments which is already 78.39 percent from the target collection of PhP161.3 million for the whole year.
On the other hand, the city treasurer noted that the local government exceeded its target business tax collection of PhP496.4 million as the city was able to collect PhP547.8 million in business taxes and other taxes which is already 110.36 percent more than the target.
In terms of fees and charges, the city was able to collect PhP318.9 million which is already 82.42 percent of the target collection of P386.9 million.
For the national tax allocation, the city was able to receive from the national government more than PhP1.027 billion which is around 83.16 percent of the supposed PhP1.234 billion share of the city from the taxes collected by the Bureau of Internal Revenue and Bureau of Customs.
However, Cabarrubias said that only PhP152.4 million or only 60.99 percent was collected from the city’s share on the operation of the Philippine Economic Zone Authority (PEZA) compared to the target share of PhP250 million.
Further, the city collected more than PhP37.7 million on interest on income which is around 150.91 percent higher than the target of only PhP25 million for the year.
For the miscellaneous income, the city generated more than PhP54 million as of October 31 which is around 225.22 percent higher compared to the target of only PhP24 million.
At the same time, the local government was able to generate some PhP27.7 million from the proceeds on the sale of the city’s assets for the first ten months of the year.
Cabarrubias expressed hope that the local government will be able to achieve its target tax collection for this year because there are still taxpayers who are flocking to the city treasury office to settle their taxes, especially those who are paying their taxes quarterly. By Dexter A. See
