CCCI opposes councilo’s proposal to impose a flat rate of 1.5% on business taxes

By: Morexette Marie B. Erram November 17,2018 - 04:01 PM

The Cebu Chamber of Commerce and Industry (CCCI) opposed the proposal of the Cebu City Council to impose a flat rate of 1.5% on business taxes.

In a statement sent to the legislators, CCCI President Antonio Chiu said the proposed rate is “excessive.”

“CCCI fully understand the need of the City to increase it is tax based. (However), the 1.5% flat rate exceeds the maximum amount of up to 50 percent increase in the rate the cities could levy,” he said.

“Furthermore, CCCI believes that the proposed ordinance is excessively high for the business community in Cebu City of absorb considering the effects of recent TRAIN law, increase in minimum wage and the current high inflation rate,” he added.

Sought for comments, Councilor Margarita Osmeña, who proposed the measure, said she respects CCCI’s statement but said that the flat rate of 1.5% on business taxes was in line with the recommendations of COA so that the city government will earn more.

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TAGS: business, CCCI, councilor, earn, government, impose, opposes, rate, taxes

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