Subic collects P3.4-B in 2005 taxes
by Recto Mangosing Adamos
Subic Bay Metropolitan Authority, Olongapo City (3 February) -- Subic Bay Freeport generates P3.4B tax collection, remitted to the national coffers during the fiscal year ended 2005.
This amount comprise the year-end reports of the two collection agencies such as the Bureau of Internal Revenue (BIR), amounting to P951M, while the Bureau of Customs (BoC), posted P2,5B in cash collections.
Subic Bay Revenue District Officer Edgar Tolentino, explained that this figure includes P903M worth of income tax remittances from 59,764 Freeport workers, and 5,000 employees of SBMA, and its subsidiary Freeport Service Corporation (FSC), as well as the 5% tax on gross income, and withholding taxes from Freeport enterprises.
On the other hand, Port of Subic Customs Collector Andres Salvacion , posted a revenue amounting to P2.5B from domestic and foreign ship calls, transshipment operations, and the taxes and duties paid by the Freeport investors including importation of oil, motor vehicles, and other general merchandise, and operational taxes and duties collected from courier, Federal Express (Fedex).
In addition to, some P1.9B worth of non-cash collection was recorded from the National Food Authority (NFA), products and construction equipment., materials by the Department of Public Works and Highways (DPWH).
According to SBMA Chairman Feliciano G. Salonga, the tax collections made by the two agencies is 12% higher than last year's collection, and hoping that more investment coming up, along with the enhance contributions to the national government. (PIA Zambales)
Subic Bay Metropolitan Authority, Olongapo City (3 February) -- Subic Bay Freeport generates P3.4B tax collection, remitted to the national coffers during the fiscal year ended 2005.
This amount comprise the year-end reports of the two collection agencies such as the Bureau of Internal Revenue (BIR), amounting to P951M, while the Bureau of Customs (BoC), posted P2,5B in cash collections.
Subic Bay Revenue District Officer Edgar Tolentino, explained that this figure includes P903M worth of income tax remittances from 59,764 Freeport workers, and 5,000 employees of SBMA, and its subsidiary Freeport Service Corporation (FSC), as well as the 5% tax on gross income, and withholding taxes from Freeport enterprises.
On the other hand, Port of Subic Customs Collector Andres Salvacion , posted a revenue amounting to P2.5B from domestic and foreign ship calls, transshipment operations, and the taxes and duties paid by the Freeport investors including importation of oil, motor vehicles, and other general merchandise, and operational taxes and duties collected from courier, Federal Express (Fedex).
In addition to, some P1.9B worth of non-cash collection was recorded from the National Food Authority (NFA), products and construction equipment., materials by the Department of Public Works and Highways (DPWH).
According to SBMA Chairman Feliciano G. Salonga, the tax collections made by the two agencies is 12% higher than last year's collection, and hoping that more investment coming up, along with the enhance contributions to the national government. (PIA Zambales)
posted by OlongapoCity Zambales at
10:38 AM
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