Cebu City confident about its revenue targets

THE Cebu City Government is confident about achieving their target income of P6.1-billion this year.

This after the City Treasurer’s Office (CTO) recorded a P4.2 billion revenue from January to July, or a four percent increase of the 2017 income for the same period, which came to P3.8 billion .

Acting City Treasurer Veronica Morelos said bulk of the city’s income came from business taxes, and real property taxes (RPT).

“Our target income for 2018 is P6.1 billion. We’ve already reached more than half as of July so we’re confident we can achieve the target,” said Morelos.

She said that Cebu City Mayor Tomas Osmeña’s intensified campaign against erring business establishments helped in increasing their tax collection.

“We observed that some business establishments have started to comply with their tax schedules maybe because they’re afraid of being closed down,” Morelos explained.

Meanwhile, the CTO has submitted a recommendation before the City Council to increase the city’s tax rates by amending the City’s Revised Omnibus Tax Ordinance.

“We’ve recommended a 1.5 percent increase across the board. That’s also the suggestion of the mayor,” said Morelos.

The Commission on Audit (COA) had earlier issued an audit observation for the city government to increase their tax rates, at a maximum of 10 percent, by amending the city’s tax ordinance.

State auditors said this would generate an additional P1.6 billion for the city government.

“We will just wait for the council’s findings and recommendations on our proposal. It’s now up to them whether they want to change the figures or not,” said Morelos.