City official confident to meet tax collection in 2013-A A +A
Tuesday, September 17, 2013
A CITY Hall official expressed confidence on Monday that they will meet their tax collection target from both local sources and internal revenue allotment (IRA).
In fact, they are now nearing their target collection for 2013.
Davao City treasurer Rodrigo Riola, who was the guest in Monday's edition of Kapehan sa Davao held at SM City Davao-Annex, said 85 percent of their target collection of P1,880,023,200 from local taxes and 59 percent of the P2,626,717,623 IRA for 2013 have already been collected.
"Our total collection from January to July from local sources is at P1,597,042,291 while for the IRA, we have collected a total of P1,553,111,980," he said.
The combined collections of local sources and the IRA brought a total of actual collection of P3,150,154,222.
The largest lump of the collection for the local sources came from real property and businesses taxes.
Based on the document provided by the City Treasurer's Office showed that actual collection from business taxes reached P787,966,206.43, while real property taxes accounted for P288,230,592.22.
The city is expecting to collect at least P830,000,000 and P400,000,000 from business and real property taxes respectively.
Riola also said that the collection for IRA will be collected by the end of the year as it will be remitted to the city by the Department of Bureau and Management by then.
He is also pushing amendments for the local tax code in order to increase collections.
"It is timely now for the city government to revisit the local tax code that has been there since 2005. Pursuant to the provisions, there should be adjustments once every five years," Riola said.
As of September 12, the city has a financial condition of P2,307,945,166 -- P1,188,346,409.51 as general fund, P331,990,951.13 as special educational fund, and P787,607,806.86 as trust fund.
"If we look at the figure, we have a very good and sound financial standing," said Riola.
Published in the Sun.Star Davao newspaper on September 17, 2013.