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Monday, August 15, 2005
Tax incentives for local firms okayed
MANILA-based companies are not the only ones who can avail of Cagayan de Oro City's tax incentives and tax holidays, according to Mayor Vicente Emano.
He said even local companies and giant firms can benefit from such incentives.
(August 15, 2005 issue)
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The mayor said he recently approved the investment incentives of the Limketkai & Sons Inc. amounting to P33.2 million; Pueblo de Oro Golf Course, P2.9 million; and Cenmin Food Chain Corp., P2 million, which will all take effect next year.
Emano said because of the incentives granted by the City Government, more companies have entered the city.
"Sukad atong gihingosgan sa pagpatuman ang investment incentives ordinance sa dakbayan, mga dagkong investors sa nasod ang mibubo sa ilang puhunan dinhi sa dakbayan sama sa SM, Makro ug Big R ug kini atong ipadayon aron ang katawhan matagaan sa oportunidad sa panarbaho ug ang dakbayan makaangkon sa dugang ekonomikanhong kalamboan," the mayor added.
Ordinance 5554-96, as amended by Ordinance 8268-2002, provides that qualified companies can avail exemption from payment of local licenses, fees and dues within three years from the date the business starts.
The companies can also avail of reduction and exemptions in payment of business tax for the first six years of operations as well as exemption from payment of real property taxes for the first three pears and reduction of taxes for the next three years.
The investment code was enacted to make the city more globally competitive, to spur economic development and to propel the creation of more jobs, all aimed at improving the lives of the Kagay-anons.
(August 15, 2005 issue)
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Join the Sun.Star message board.Click here. |
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