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New tax code to boost Urdaneta economy

URDANETA CITY (Jan. 21) — To improve revenues in tax collection, the local government with the approval of its Sangguniang Bayan has passed the Revised Tax Code this January.

Brewed over December 2004 during which the matter was deliberated in a public hearing on December 16, the code according to a local official hasn’t met opposition as tax codes should be updated over 5 years of implementation.

The local official who requested anonymity said the national fiscal crisis which didn’t spare the city is a considerable factor in the amendment of the code.

City Mayor Amadeo Perez said the ‘decade-old’ tax code deserved another round of amendment as the city is expected to generate funds for its various development projects.

Perez assured that the hike in the tax collection would not burden small tax payers citing as example real estate tax being increased to about 50%. Meanwhile big businesses such as lumbers, dining establishments would carry a ‘reasonable tax imposition’, he said.

He claimed that gross sales or capitalization does not yield favorably due to the failure of big businesses to report, ‘religiously’ their yearly profit and expenditures.

Among those who pay their taxes fairly are banking institutions which reportedly had profited a lot in the previous years. # Jhong dela Cruz for NORDIS

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