Income taxes remain as NorMin's top revenue earner-A A +A
Tuesday, October 1, 2013
INCOME taxes have remained as the top revenue earner for Northern Mindanao posting P1.52 billion in the second quarter of this year, higher by 13 percent from the P1.34 billion income tax collections in the same quarter last year.
Based on the reports of the Bureau of Internal Revenue (BIR) in the region, collections from income taxes accounted for 68 percent of the total tax collections in the region.
The highest income tax collection was posted by Revenue District (RD) 98 in Cagayan de Oro at P828.42 million, said Engr. Cecilio Clarete, Chief Economic Development Specialist of National Economic Development Authority (Neda) in the region in a media forum held recently, here.
This was followed by RD 101 in Iligan with P274.80 million and RD 99 in Bukidnon with P 234.39 million.
Income tax collection of RD 100 in Ozamiz was recorded at P130.73 million while RD 97 in Gingoog City was at P57.22 million.
Collection from value-added tax (VAT), on the other hand, was registered at P510.19 million during the quarter.
The VAT collections during the period which accounted 23 percent of the total regional tax collections increased by 28 percent compared to the P399.81 million collections in the same period last year.
Clarete said the good collection performance of BIR is attributed to the Bureau's priority reforms such as the name-and-shame campaign against erring tax evaders, run after tax evaders, and Oplan Kandado.
Oplan Kandado is an initiative which imposes administrative sanctions on firms for non compliance of requirements such as issuance of receipts and VAT registration, among others. (PIA)
Published in the Sun.Star Cagayan de Oro newspaper on October 01, 2013.