QC government assured businesses there’ll be no tax increase until June 2010
Posted on December 12th, 2009
Business establishments in Quezon City can breathe a sigh of relief, as the city government announced that it won’t be raising its business taxes until June of next year. Quezon City Mayor Feliciano Belmonte Jr. made the announcement and assured the local business community that they won’t be increasing taxes until he finishes his term next year. He gave the assurance during the testimonial dinner for the city’s top corporate taxpayers and contributors to the city coffers.
According to Belmonte, the city government does not need to increase tax rates as it is assured of the local business community’s cooperation in paying their financial obligation. “Many people, companies are contributing to the growth of Quezon City. I express my gratitude to the business community for your continuing support to our economic development efforts,” he said.
Belmonte added that the city government would be sticking to its policy of keeping expenses to a level of not more than 60% of the city budget. He said they would mostly spend on housekeeping, maintenance, employees’ salaries, etc. which does not exceed 60% of the budget, so that the rest will be devoted to infrastructure and projects.
The city’s gross collections, according to city treasurer Victor Endriga, reached an all-time high of P10.3 billion in 2008 and may possibly exceed P11 billion by the end of 2009.
Those who were honored in the testimonial dinner include SM Prime Holdings, Inc., Araneta Group of Companies, North Triangle Depot Commercial Corp., Robinsons Land Corp., Megaworld Corp., ABS CBN Broadcasting Corp., Philippine Long Distance Telephone Co., GMA Network, Inc., Manila Electric Co., and Nestle Philippines, Inc. in the real property category.
Citibank, NA. S & R Membership, Bangko Sentral ng Pilipinas, Banco De Oro Universal Bank, Rustan Commercials, and San Miguel Corp., were just some of the companies who were named top taxpayers.
Some of the awardees in the business category were SM Retail, Inc., ABS CBN Broadcasting Corp., IBM Philippines, and Jollibee Foods Corp. Top taxpayers in the same category include Dreamweaver Visual Exponents Inc., Maynilad Water Services, Inc. and Golden Arches Development Corp.,
