THE City Treasurer's Office in Cagayan de Oro said there is no increase in business tax rates in the city.
"Wala kita nag increase sa atong business tax rates. Ang atong gigamit nga ordinansa is kato pa gihapong na-approve sa 2014. Kana nga rate base pa na anang tuiga. So wala nato na gi-increase-an karon. Mao ra gihapon," Assistant City Treasurer engineer Leonil Mistula said.
(We have not increased our business tax rates. We have been using the ordinance approved in 2014. That rate is still based on the 2014 rates, so we have not increased it yet.)
In the recent report of the City Treasurer's Office, Cagayan de Oro has collected around P800 million from businesses as of February 15, 2023, over 25 percent increase as compared to the same period last year.
According to Mistula, the growth in the business tax collection of the city is due to several factors. These include the increasing number of investors and business owners opening their establishments in Cagayan de Oro, and the rise in the gross sales of businesses.
"Karon ni daghan gyud ang atong mga negosyante because nakita gyud nato nga hinay na gasaka ang economy, na bibo na ang Cagayan de Oro," Mistula said.
(The number of businesses has increased because the economy of Cagayan de Oro has improved.)
Meanwhile, the City Treasurer's Office also recorded a continuous increase in the number of renewed business permits. As of February 15 around 18,000 business permits have been renewed, about 3,000 more for the same period last year.