Mandaue CTO to check CICC’s books
CEBU, Philippines - The Mandaue City Treasurer’s Office wants to examine the book of accounts of the Philippine Exhibits and Themeparks Corporation (Petco), the firm managing the Cebu International Convention Center.
City Treasurer Regal Oliva said the move came after Capitol revealed that it has paid Petco P3 million in management fees.
Oliva said that Petco only declared P1.250 million in its gross receipts to the Mandaue City Government.
Oliva said there is a need to determine the exact earnings of the CICC through the management of Petco so the City Treasurer’s Office can determine how much business tax they are supposed to collect.
“If they only declared P1.250 million in gross income then it’s a deficient declaration, we will collect the balance plus penalty,“ Oliva said .
He said that if proven that there is an under declaration of gross receipts, he will be sending a deficiency notice to Petco.
In January 2007, Capitol and Mandaue City entered into a joint venture agreement for the creation of the CICC Management Board that will oversee the operations and management of the facility.
But since then, the city has not received any financial report from either Capitol or Petco .
Oliva said the city should have been furnished with a financial record considering that the operation is a joint venture. (FREEMAN)
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