Subic tax collection up 23 percent
SUBIC BAY FREEPORT — A total revenue collection of P3.3 billion have been turned over by the Subic Bay Metropolitan Authority (SBMA) to the national treasury from January to September this year.
The combined cash collection of the two collection agencies in the Subic Bay Freeport — the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) — increased by 23 percent compared to last year’s R2.7 billion.
"This year has been a bountiful one for the Subic Bay Freeport. In just nine months, we have already generated duties and tax revenues worth P3.3 billion for the national treasury," SBMA Chairman Feliciano G. Salonga said.
According to the revenue collection report submitted by Internal Revenue District Officer Edgar B. Tolentino to the SBMA’s top executives, the BIR posted a total of P837 million during the nine-month collection period.
Tolentino, in his report, stated that the overall increase in its revenue collection was pegged at 21 percent compared to P692 million from January to September last year.
Currently, registered enterprises in the Freeport during the same period totaled to 719 as of September 2006. Tolentino projected a higher increase rate when new projects start to operate.
Meanwhile, the BOC reported an increase of cash collection from January to September, which was pegged at 24 percent to P2.4 billion from last year’s P2 billion.
Priscilla Cordova, Deputy Collector for Assessment of the BOC, added that the revenue derived from payments of tariffs and duties in cash and non-cash collection transactions of the Port of Subic amounted to P4.6 billion
By JONAS REYES - Manila Bulletin
The combined cash collection of the two collection agencies in the Subic Bay Freeport — the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC) — increased by 23 percent compared to last year’s R2.7 billion.
"This year has been a bountiful one for the Subic Bay Freeport. In just nine months, we have already generated duties and tax revenues worth P3.3 billion for the national treasury," SBMA Chairman Feliciano G. Salonga said.
According to the revenue collection report submitted by Internal Revenue District Officer Edgar B. Tolentino to the SBMA’s top executives, the BIR posted a total of P837 million during the nine-month collection period.
Tolentino, in his report, stated that the overall increase in its revenue collection was pegged at 21 percent compared to P692 million from January to September last year.
Currently, registered enterprises in the Freeport during the same period totaled to 719 as of September 2006. Tolentino projected a higher increase rate when new projects start to operate.
Meanwhile, the BOC reported an increase of cash collection from January to September, which was pegged at 24 percent to P2.4 billion from last year’s P2 billion.
Priscilla Cordova, Deputy Collector for Assessment of the BOC, added that the revenue derived from payments of tariffs and duties in cash and non-cash collection transactions of the Port of Subic amounted to P4.6 billion
By JONAS REYES - Manila Bulletin
posted by OlongapoCity Zambales at
7:49 AM
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