Davao City performed strongly in 2018 by surpassing its target collection income by almost P700 million, marking a .09-percent performace for the year just ended.
According to City Treasurer’s Office (CTO) acting head Erwin Alparaque, the city was able to generate total revenue of P8.55-billion, as of December 31, 2018, surpassing its target collection of P7.89 billion.
“We were able to surpass our target collection due to adjustments in rate taxes fees and charges, effective January 2018,” he said.
CTO is currently monitoring the renewal of the business permits, that started last Thursday, January 3 and to end of 12 midnight of January 31.
Alparaque said that CTO is expecting all of the 40,000 registered business establishments in 2018 to apply for renewal of their business permits.
He said the city was able to collect P1.86 billion from the payment of business tax. For 2019, he said the city is targeting a tax collection of P2 billion alone.
Alparaque said that the office is eyeing for a 10-percent increase from the current registered establishments.
“Business tax is the number one biggest source of the city’s total revenue. Next is real property tax with P1.5 billion,” he said.
The city treasurer is optimistic that the city will reach its targets.
“We are expecting more investors to come here, since there are malls and commercial spaces being constructed. Expect everyone that occupy a space will secure a permit,” Alparaque said.
He also said that the CTO will expand a new tax base for the city. He did not elaborate.