THE Cebu Chamber of Commerce and Industry (CCCI) supported the Cebu City Government's plan to impose additional taxes to fund its projects but wished for a staggered schedule of increases to keep businesses afloat.
In a statement sent to SunStar Cebu Wednesday, August 10, 2022, CCCI president Charles Kenneth Co said they understand the need for the City to raise funds after spending considerable resources to mitigate the impacts of the pandemic and Typhoon Odette (Rai).
The Cebu City Government just recently divulged to the public that Mayor Michael Rama started his term on July 1 with no available funds for new projects.
The city’s local finance committee said the city has been spending more money than its income for the past two years.
According to Co, the business sector in Cebu City can accommodate a staggered increase of tax rates instead of a "one-time big increase."
Co added that this will also allow businesses to shoulder the additional tax burden while contributing to the city's coffer.
"The last thing we want is for the increase in tax to have the opposite effect of dampening business thus causing an overall drop in collection instead of seeing an increase," said Co. (IRT)