2-year tax incentive for parking developers

MAJORITY of Davao City councilors agreed on Tuesday to uphold the amendment of proposed two-year special real property tax incentive for the land to be given to the developers/owners of facilities who are willing to develop their areas into parking spaces.

This is in line with the ordinance giving special real property tax and business tax incentives to urge developers within commercial areas and other areas in the city allowed by law to develop parking spaces/buildings.

With a majority vote of 13-2, the councilors retained the amendment raised by Davao City Councilor DiosdadoMahipus last week stating that there should only be two-year tax relief for real property tax for land for those who develop the parking facilities based on the uniformity of laws in giving incentives.

Mahipus argued that more than two years of the exemption will be a violation to the investment code.

Mahipus said this after his proposed amendment last week was challenged on Tuesday by Davao City Councilor Maria Belen Acosta who said that the five-year real property tax incentive will be more attractive to the developers.

Based on yesterday's discussion, the five-year period business tax incentive for those who will develop parking spaces in buildings was approved and did not face any objection.

The floor limit of those parking facilities which can enjoy the tax exemption was also amended from three floors to two floors.

This was done to make sure that the developers won't be burdened by the cost of the facility.

Davao City Councilor Jimmy Dureza, chair of the committee on trade and industry and at the same time proponent of the ordinance, moved to defer the item for the next session.
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