CTO confident to meet P4.5B tax collection target this year

AFTER registering a P4.3 billion tax collection for the year 2012, the City Treasurer's Office (CTO) said Monday they are confident in hitting their P4.5 billion tax collection target for this year.

CTO chief Rodrigo R. Riola, in Monday's Kapehan sa SM, told reporters that with the bullish economy of the city and the continuing entry of investors, it is very possible to hit this year's target.

Riola said the P4.3 billion actual collection for 2012 is the highest so far achieved by the CTO in the history of Davao City.

The city's tax collection target for 2012 was pegged at P4.1 billion.

"Kung magpadayon pa gihapon ning dagan sa mga investment diri sa Dabaw, dako gyud ug chance na ma hit gihapon ni nato atong target (If the present situation especially with the influx of investors will continue, there's a big possibility that we will hit or even surpass this year's target)," Riola said.

With this, Riola said the CTO will further intensify its tax enforcement drive across the city and encourage all business establishments to pay their tax honesty.

"Dako kayo ug matabang ang mga business establishments sa pag kab-ot nato sa target labo na kung maayo ang ilang pag-bayad (Business establishments really play a vital role in attaining the target for tax collection especially if they pay their dues promptly)," Riola said.

In terms of tax revenues per sector, bulk of the total tax collected for the whole year was generated from business tax at roughly 70 percent or P700 million more or less.

In 2011, the city also collected around P4.3 billion and over P700 million of which was generated from business tax as well.

Of the total taxes collected by the city government of Davao, 70 of which will go to the city, one percent to the Special Education Fund, and the rest will go to the barangays where the revenue was collected. JOP