Persons or entities who wish to put up projects or improvements in the proposed Chinatown Center in Shopping Center, Bacolod City, will be entitled to a refund in the form of a Tax Credit Certificate, Bacolod Councilor Em Legaspi-Ang, said yesterday.

The Chinatown Ordinance authored by Ang and Councilor Dindo Ramos, was approved on the last week of December 2011 by the Bacolod Sangguniang Panlungsod.

Ang said that if an individual would like to put up a welcome arch in the Chinatown Center, 70 percent of the cost of the structure will be paid by the city in the form of Tax Credit Certificate which will be spread over a period of five years.

She said the ordinance will be submitted for signature by the mayor after it is reviewed by the City Legal Office, and will become effective after the required publication has been complied with.

The tax incentive applied should not be eligible for another tax credit certificate as provided under the Investment and Tax Incentive Code of the City, it said.

The private sector is entitled to a refund of his order expenses equivalent to 70 percent in the form of Tax Credit Certificate for putting up projects and improvements provided that it is approved by the BCCDC chaired by the mayor, for being consistent with the master plan of the city.*CGS

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