By Yas Ocampo
The city has collected P2.59 billion in taxes from January to February, posting an increase of 21 percent in revenues despite the implementation of the Amended Tax Code.
The city council’s finance committee, led by Councilor Danilo Dayanghirang, said the total tax collection was 21% higher than the P2.135 billion collected in the same period in 2017.
The city’s tax code faced an amendment after going unchanged for more than a decade, with the Commission on Audit (COA) even advising city officials that there was already a need to adjust the tax rates.
Meanwhile, the city’s property owners will be facing slightly higher real property taxes starting next year because of incremental increases to the rates of each property.
“We have not yet implemented an increase in our local real property tax (rate), it is scheduled in 2019. The increase in our tax collection will boost our annual budget, this means that the city can further extend assistance to the people,” Dayanghirang said.
“The 21 percent increase is the result of our tax code amendments; this will show how big the impact is on the budget of the city,” he said.
The city has a budget of P7.6 billion for 2018.