Tax Collection Now P13M – Capitol

●The P13 million increase triggered by 40 percent raise of taxes,IRA, enforcement of amended market values, efficient collection of taxes.

The Provincial Capitol’s tax collection has increased by P13 million from January to May this year compared to last year, of the same period according to the provincial treasurer.

Cebu Provincial Treasurer Emmanuel Guial said that this quarter’s rising revenue are due to the schemes implemented by the province.

“As of May this year, against last year, mas higher ang collection that is based on the increase of taxes,” he said.

Guial said the P13 million increase could be attributed to the 40-percent increase of taxes brought about by the implementation of the amended market values, increase internal revenue allotment (IRA), efficient collection of taxes, fees and charges, and income from the province’s economic enterprises.

The provincial treasurer said that in 2013, they implemented the revision of market values, which enforces an increase of 40 percent on all taxes.

The amended market value was approved in 2012.

From January to May this year, the province has already collected P1.012 billion in taxes, which is P13 million higher than last year.

Guial said that with the way things are going, he is positive that they will achieve their P2.3 billion revenue target, including the IRA, for this year.

The province’s annual budget is roughly around P2.6 billion.