Articles worth reading

Marikina opens cemeteries before Undas 

account_balanceMarikina access_time5 days ago

Marikina City residents would be allowed to visit cemeteries and memorial parks in the city before and after the All Saints’ Day and All Souls’ Day. “We will provide a window of opportunity for those who want to visit from Oct. 15 ...

Screengrab from Lloyd Cafe Cadena VLOGS / YTD

Youtube channel of Cadena shares final vlog

account_balanceMetro Manila access_time5 days ago

The YouTube channel of Lloyd Cafe Cadena who passed away on Sept. 4 posted its final video titled “Last Vlog", according to a report by GMA News. According to the video, it was filmed on Aug. 27, a week before Lloyd’s death on Sep...

Screen Grab from BangtanTV / YTD

BTS performs at music festival 

account_balanceMetro Manila access_time5 days ago

Korean pop group BTS performed their Billboard chart-topping single “Dynamite” at the 2020 iHeartRadio Music Festival Sept. 19 morning and shared a video of their segment, according to a report by GMA News. They also sang their hits &l...

Taguig News

taguig city hall

Taguig revenue up by P2.92B despite outmoded tax code

account_balanceTaguig chat_bubble_outline0 Comments

Despite substantial increase of P2.92 billion in its revenue in 2018, the Taguig City government has yet to maximize its revenue potential through an increase in real property taxes and other fees and taxes, the Commission on Audit reported Friday.

Under the previous administration, the city government’s net increase in revenues was placed at 40.68 percent in 2018 compared to the previous year, according to the 2018 COA audit report.

In her last year as mayor in 2018, Lani Cayetano, now the city’s congressional representative, was able to post huge increases in 16 revenue sources compared to the previous year.

Among these increases are in the collection of fines and penalties (1,451.5 percent), tax on delivery trucks and vans (8,395.2 percent), interest income (133.86 percent), and real property tax (60.66 percent).

“Income from business taxes registered a remarkable increase of P1,996,025,263 or 52.48 percent collection with that of the previous year,” COA said.

Business tax collection in 2018 totaled P5,799,271,614 while the 2017 total was P3,803,246,351, according to the report.

State auditors, however, said the city government must continue maximizing its revenue-raising authority by updating or increasing tax impositions on all real property and other fees as mandated under the Local Government Code.

“Tax rates used are no longer appropriate in the current times and can have an impact in the increase in revenue generation,” the COA said.

The report noted that the city government’s tax efforts were based on the outmoded Revenue Code of Taguig passed by the city council in 1993.

Under the law, local government units must adjust taxes every five years.

date_rangeDate Published
1 year ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

Taguig expands lockdown to 4 more areas

account_balanceTaguig chrome_reader_mode5 days ago

Taguig City has expanded a localized quarantine to cover four more areas. An advisory from the Taguig Safe City Task Force said areas affected by the expanded localized community quarantine (LCQ), in effect from 6 p.m., 18 September, until 30 Septem...

Taguig opens Covid-19 'mega-complex' facility 

account_balanceTaguig chrome_reader_mode49 minutes ago

Taguig City has inaugurated its Covid-19 mega-complex facility which will host the new city-run Molecular Laboratory, the Lakeshore Mega-quarantine facility, and the Lakeshore National Testing Facility, according to a report by Philippine News Agency...

Let's Stay Connected Like us on our Facebook page.
×
Click on the article to continue reading
Manila assures businesses of protection DSWD still has P10 billion for social amelioration PNP enforces smoking ban in public areas amid pandemic LRT1 app features contact tracing 200,000 OFWs return to home provinces LTO releases new motorcycle plates Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature