The Makati City government will not increase business and real estate taxes next year as it reported higher revenue collections in the third quarter this year.
In a report submitted to the Office of the Mayor, the city treasurer reportedly said actual revenue collections increased by 12 percent from July to November compared to the same period last year.
The bulk of collections came from business tax with P2.5 billion, followed by real property tax with over P1.0 billion, reported Manila Times.
The business tax collection reportedly increased by seven percent, while the real property tax was up by 25.6 percent.
“Landowners and investors in Makati need not worry about any impending tax increase. We will continue giving quality services without increasing taxes by means of good governance, proper fiscal management and efficient collection system,” Makati Mayor Abby Binay was quoted as saying.
Jesusa Cuneta, officer-in-charge of the City Treasurer’s Office, reportedly said Makati’s total revenues reached almost P4.3 billion from July to November.
The other components of the city’s income for the said period include P169.8 million from miscellaneous fees and charges, P81.7 million from economic enterprises, P75.8 million from interest income and P393.3 million from internal revenue allotment (IRA), said the news portal.
On an annual basis, the city’s total revenue collection from January to November, amounting to P14.38 billion, is eight percent higher compared with the same period last year, and has exceeded the full-year target by 10 percent. The total estimated income of the city for 2016 is P13.06 billion, reported Manila Times.
Makati is one of local government units with high revenue collection from local sources and per capita income. It is also one of the few localities that are not dependent on the IRA from the national government, the report pointed out.
Despite maintaining its tax rates for the past ten years, Makati has remained deficit-free for 30 years, Binay reportedly said.
