January 25, 2012

Ifugao exceeds 2011 local revenue collection

(Repost from Sun.Star Baguio except image)

Wednesday, January 25, 2012

Philippine Tax Code
LAGAWE, Ifugao -- The Provincial Treasurer’s Office (PTO) here reported it has exceeded its target in its local revenue collection for 2011.
Provincial Treasurer Samuel Marinay said their record on local tax collection showed a great increase on real property tax, property transfer taxes and on sales revenue of the goods and products of the Provincial Government.

The financial statement showed that the PTO collected P8,619,287.06 in real property taxes compared to its target of P8 million for a collection efficiency of 108 percent; P423,626.52 in property transfer taxes from a target of P250,000 for a collection efficiency of 169 percent; P991,357.22 in taxes on sand and gravel from a target of P600,000 for a collection efficiency of 165 percent; P251,205 in taxes on delivery trucks and vans from the target of P150,000 for a 167 percent collection efficiency; P60,060 in professional tax against the target of P60,000.00 for a 100 percent collection efficiency, and others, bringing a total of P10,376,388.05 of local taxes actually collected against their estimated target of P9,111,000 for a total collection efficiency of 114 percent in 2011.
Marinay expects that this collection will still increase this year because there are still two more large companies with unsettled delinquent real property taxes which are pending settlement amounting to more million of pesos.
Meanwhile, Marinay reported that the local tax collection on business for 2011 was measly P6,746,389.83 from the target of P9,125,000 for a poor collection efficiency of 74 percent. This, he said, may be due to lesser business activities.
The other sources of income of Ifugao for 2011 include P21,044,963.52 for total service income with a collection efficiency of 103 percent; P941,364.70 for sales revenue with a collection efficiency of 116 percent; P121,475 for permits and licenses with a collection efficiency of 152 percent and other income at P456,227,556.97 of which P444,975,306.00 constitute the internal revenue allotment (IRA) for 2011 for the province, bringing the general income of the province to a total of P495,336,663.07 in 2011 against its overall general income target of P491,824,306.00 or a collection efficiency of 101 percent. (Dan B. Codamon)
Published in the Sun.Star Baguio newspaper on January 25, 2012.

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