Tuesday, January 08, 2008 Capitol seeks remedy for possible income loss
EXPECTING a drop of revenue sources with the conversion of Bogo, Carcar and Naga into cities, the Provincial Government is seeking measures to recover the loss, including amendments of the Local Tax Code and certain provisions in the Local Government Code.
Capitol consultant on information Rory Jon Sepulveda told reporters yesterday that the governor is meeting with department heads to maximize existing revenue sources and how to implement new revenue sources.
The province will lose shares of real estate taxes from the cities of Bogo, Carcar and Naga. Sepulveda said these are big shares.
The governor ordered the Provincial Treasurer and Assessor’s Offices to come up with proposals for revenue generation that will be submitted before the Provincial Board (PB).
Sepulveda explained that they may have to look into maximizing revenues of quarry, franchise, real estate, professional and amusement taxes.
Not responsive
Capitol is also looking at tax adjustments from the Local Government Code and the Provincial Tax Code because, Sepulveda said, these are no longer responsive to the needs of the Province.
The Local Government Code was created in 1991 yet, while the Tax Code was ratified a year later.
“Certain adjustments must be made,” said Sepulveda.
“We would (also) be formally requesting congress through the two Garcias (Rep. Pablo of the 2nd district and Rep. Pablo John of the 3rd district) and the other congressmen that maybe it’s about time that they revisit certain provisions of the Local Government Code,” Sepulveda also said.
The consultant said that if they cannot make a way to recover the loss of revenues from the three cities, there is a possibility that the Capitol cannot continue with its projects of asphalting roads, building bridges and others.
He assured the Capitol will also think of innovative ways to generate money out of new sources. (JGA)
