Naga mayor: Taxes, IRA share will cover P535M annual budget-A A +A
Sunday, January 22, 2012
TAXES from 11 big investors in the City of Naga, Cebu and its increased Internal Revenue Allotment (IRA) will cover the City’s P535-million 2012 annual budget, according to Mayor Valdemar Chiong.
Chiong said Kepco-SPC alone paid P156 million this month in real property taxes, including machineries and equipment. And that is after it availed itself of the “early bird” discount of 20 percent, he said.
The mayor identified the other locators in the city as Kyocera Corp., Apo Cement Corp., Sarimanok Feeds Corp., Sherylen Agro Corp., Daily Fresh Chicken Corp., Ricor Mills Corp., Petronas Corp., Salcon Power Corp., Assure Ice Plant and the Cebu South General Hospital.
The 2012 annual budget estimates a total of P227.8 million in local tax revenues broken down to P64 million in business and licenses, P3 million in community tax, P5 million in franchise tax, P150 million in real property tax (basic), P750,000 in sand and gravel, and P5 million in other taxes.
For the local non-tax revenue, the total is P64.3 million broken down to P350,000 in weights and measures, P15 million in permit fees, P5 million in registration fees, P10 million in other permit and fees, P5 million in clearance and certification fees, P15 million in garbage fees, P2 million in medical and dental laboratory fees, P5 million in rent/lease income, P5 million in other business and service income, P1 million in fines and penalties-business income and P1 million in interest income.
The City’s IRA is expected to reach P242.011 million this year, excluding P500,000 as its share from national wealth, and P300,000 from the Philippine Amusement and Gaming Corp. and the Philippine Charity Sweepstakes Office.
With this, Chiong said, they can realize their projects, which include P70-P100 million for a new market, P20 million for a slaughterhouse, P60 million for road networks, P15 million for drainage, P12 million for Philippine Health Insurance Corp. premiums, among others.
Chiong said they have a program to expand and concrete barangay roads.
He said they will follow the drainage master plan to improve the city’s drainage. It’s the same plan that has stopped flooding in Barangay Poblacion, he said.
Published in the Sun.Star Cebu newspaper on January 22, 2012.