THE PANAGBENGA 2018 GRAND FLOAT PARADE

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Rise in city's tax collections, noted

BAGUIO CITY – The city treasurer's office (CTO) reported a significant rise in its taxes and fees collections last year with a total of P1,178,738,425.47 as compared to P1,039,581,038.75 collected in 2016 representing a 13.39 percent increase.

In Monday's flag-raising rites at City hall, city treasurer Alex Cabarrubias said his office collected P254,123,581.63 in real property taxes, P597,711,278.25 in business taxes, including fees and charges amounting to P326,903,565.59 in 2017.

He added that the city also received a total Internal Revenue Allotment (IRA) of P706,635,262.31 last year which is 12.97 percent higher than the P625,510,220.11 in 2016. IRA is a local government unit's share of revenues from the national government.

For 2018, Cabarrubias said the CTO is targeting to collect a total of P1,064,358,285.71 and so far, P677,701,402.38 has been collected or 63.67 percent of the target amount.

He said P210,714,285.71 is the target collection for real property taxes this year where P138,178,400 or 65.58 percent has already been collected. Target business taxes collection for 2018 is P547,130,000 where P387,874,461.46 or 70.89 percent has been collected so far.

Target fees and charges this year is P306,514,000 where 49.48 percent or P151,648,540.92 has already been collected. The city is aiming to receive P755,605,064 IRA funds in 2018 where 253.702.993.47 or 33.58 percent has already been received.

Cabarrubias said the target amount of expenditures this year is P1,709,249,064 where P318,193,357.31 or 18.62 percent has been spent so far.-gaby keith

 
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