Doing business in the summer capital might cost more after the city government’s executive department has proposed a 40-percent hike in business taxes and other related fees to help the local economy recover from the COVID-19 pandemic.
The proposed new tax code was also designed to correct a distortion in the local tax classification system that has rendered the current tax law “regressive,” he informed the council.
But while it has passed first reading, the city council on Monday returned the proposed 2024 Tax Code to the finance committee, suggesting a 20-percent tax increase instead. If approved, the draft revenue code will raise P332.225 million for the city government from tax adjustments to be paid by 5,758 retailers, 700 wholesale retailers, 2,654 service providers, 158 manufacturers and 1,296 food service enterprises.
Administrative and operational fees will also rise, such as the mayor’s permit, which will go up to a fixed P3,000 from its current varying rates of P200 to P1,500.According to Cabarrubias, the proposed revenue ordinance set the fees to approximate “cost recovery” of city government expenses and not meant to profit from taxpayers.
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