Olongapo SubicBay BatangGapo Newscenter

Saturday, August 21, 2004

Subic Tax Collections up 7%

Taxes collected from locators at the Subic Bay freeport zone rose 7 percent to Php1.5 billion in the first six months of the year, SBMA reported.

SBMA report said more than 98 percent of the BIR's total tax collection were in the form of withholding taxes of the more than 58,000 workers within the freeport.

Apart from cash collection, a total of PhP1.5 billion in non-cash revenue was also generated during the period w/c was derived from deferred payments and govt to govt transactions like importation by National Food Authority and Dept of Public Works.

In 2003, collections in the freeport reached P3.3 billion from P2.8 billion in 1998.


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