THE Cagayan de Oro City Treasurer’s Office (CTO) announced the renewal of business permits is only until January 20, Friday next week.

City Treasurer Glen Bañez said those who fail to renew their business permit during the required time will be charged with appropriate fines.

Late filers will be charged with 25 percent surcharge and two percent penalty every month.

Bañez said the CTO has been innovating new ways for the public’s convenience during payment. He said the first is the three-step procedure of the business renewal where it would only take one hour to finish the process, as long as the required documents are complete.

Second innovation is the implementation of the online tax payment and billing system where one can pay his taxes online without going to the City Hall.

As of Friday, January 13, however, the online tax payment and billing system of the CTO is experiencing technical problem, the website www.cagayandeoro.gov.ph is temporarily unavailable.

The City Information Office assured the public that the online services will be back the soonest possible.

The Department of Trade and Industry (DTI) in Northern Mindanao also urges entrepreneurs to renew their business name registration early.

Records from the DTI showed for the first week of January this year, there are about 73 new business name registrants who applied through DTI’s Negosyo Center.

DTI Consumer Welfare Division Chief Fel Lester Brillantes said given the initial volume of applicants, businessmen should submit requirements before the January 20 deadline set by local government units.

Brillantes said in order to complete the business permit renewal, the business name registration through the DTI’s Negosyo Center should be completed first, which he said, can now be acquired in a span of only 30 minutes.

New business name applicants need to submit accomplished application form and present one valid identification card.

For barangay level category, registrants are required to pay P200, P500 for city or municipality level applicants, P1,000 for the regional level, and P2,000 for businesses which extends up to the national level.

Residents of Cagayan de Oro may submit their requirements to DTI Misamis Oriental Provincial Office Negosyo Center at Tiano-Hayes streets, Cagayan de Oro City.