CEBU, Philippines - The Provincial Capitol yesterday announced its tax collections has increased by P13 million from January to May this year compared to the same period last year.
"As of May this year, against last year, higher ang collection that is based on the increase of taxes," said provincial treasurer Emmanuel Guial in an interview with the media during the presentation of the accomplishments of the Capitol's different departments in Parklane Hotel.
Guial said the P13-million increase could be attributed to the 40-percent increase of taxes brought about by the implementation of the amended market values, increase internal revenue allotment, efficient collection of taxes, fees and charges and income from the province's economic enterprises.
The provincial treasurer said they implemented last year the revision of market values, which enforces an increase of 40 percent on all taxes. The amended market value was approved in 2012.
From January to May this year, the province has already collected P1.012 billion in taxes.
Guial said with the way things are going, he is positive that they will achieve their P2.3 billion target revenue, including the IRA, for this year.
The province's annual budget is roughly P2.6 billion.
For his part, Governor Hilario Davide III said he will use the additional collections for the basic services of his constituents. (FREEMAN)