Seven municipalities and a urban center adjacent to the Subic Freeport recently gotten a total of P57.4 million with revenue shares as their piece in the taxes paid by locators in the first half of The year 2012.
Subic Bay Metropolitan Authority (SBMA) Ceo Roberto Garcia said the shares given to local government units (LGUs) are intended to increase local resources and enable stakeholder towns to benefit from Freeport businesses by augmenting the funds connected with nearby LGUs for development projects in health, education, tranquility and order, and income generation.
The LGUs included Olongapo Town, which received P13.88 zillion; and the Zambales towns of Subic-P8,beats by dre studio headphones.Fityfive million; Castillejos-P4.92 million; San Marcelino-P6.96 million; and San Antonio-P5.06 zillion.
In Bataan, Morong town received P4.92 million, Hermosa-P5.87 million, along with Dinalupihan-P7.21 million.
This is this is the SBMAs contribution to help improve the lifestyle conditions of residents with contiguous and affected communities, Garcia explained.
The intention is always to create parallel development between the Subic Bay Freeport and its neighbors, he / she added.
According to the SBMA Treasury Department, this shares released accounted for a couple of per cent of the five per-cent tax on gross income settled by free port locators for that period January to August 2012. The other three % of the taxes paid are remitted directly to the national government.
SBMA began releasing the shares directly to the LGUs, after a new levy collection scheme was put in place in August 2010 by way of the agency to ensure the prompt relieve shares to the local government systems.
Previously, corporate taxes were remitted straight to the Bureau involving Internal Revenue (BIR), which remitted the same to the National Treasury. Thereafter, a Department of Budget and Management would release the two per cent share to the concerned LGUs,kobe bryant beats by dre.
The LGU share is determined according to population (50 percent), land spot (25 percent), and equal sharing (25 percent).
Garcia said the stocks given by the SBMA to the border communities would benefit virtually 600,000 residents within the said areas. (CLJD with reviews from SBMA)
September 17th, The coming year @ 04:57pm
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