THE CITY Treasurer’s Office (CTO) collected more than P3 billion in revenues from local income from January to March this year.
It has increased considerably for the first quarter of this year, with a collection of 3,187,296,810.01 for January to March, which shows a significant increase from the 2,894,275,694.46 collected last year for the same period.
“Naa tay increase na P293 Million plus from January to March against sa same period last year. Na-translate na to at least a 10 percent increase sa collections (We have an increase of P293 Million plus from January to March against the same period last year. This has translated to at least a 10 percent increase in collections),” said CTO head Lawrence Bantiding during the I-Speak Media Conference on Thursday.
Bantiding said the increase could be attributed to higher business tax collections, comprising more than 40 percent of the total source of collections.
For the first quarter of this year, the CTO collected P1,469,616,096.59 from business taxes which is higher than the P1,246,762,281.63 collected for the same duration last year.
Last year’s easing of public health restrictions on business establishments is the reason for this increase.
“Mao gyud na ang factor why we have that particular increase. Kasi during the height of the pandemic dagha’g restrictions, especially for our businesses. Those accommodation establishments, service establishments— almost 80 percent of those sectors nato during that time sarado (That is really the factor why we have that particular increase. Because during the height of the pandemic there were many restrictions, especially for our businesses. Those accommodation establishments, service establishments—almost 80 percent of those sectors were closed during that time),” Bantiding added.
The easing of restrictions post-pandemic has stimulated business activities in the city which, Bantiding said, is evident by the observable trends in local income tax collections.
He said businesses in the amusement and entertainment industry, such as city buses, resorts, and hotels, have become more profitable since 2022.
Praising local taxpayers for their contributions, the city treasurer said the CTO’s collections would help sustain public programs and projects while further spurring economic growth in Davao City.
Bantiding also urged business owners, real property owners, and individual taxpayers to transact with the CTO online for a more convenient and efficient experience instead of queuing for walk-in transactions.
Clients may avail of full online services with CTO for business taxes and real property tax payments.
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