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Bacolod City, PhilippinesMonday, October 22, 2012
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Early resolution eyed in
row over tax code

The president of the Metro Bacolod Chamber of Commerce and Industry said they hope to conclude the negotiations on the new tax rates early, or before the end of the year.

Frank Carbon said they hope the matter will be resolved during their meeting with the city government on Wednesday or in the next meeting because they do not want to start the year paying the same high rates again.

He said the city government has offered to reduce the rates in the next four years so there will be a difference from what they have already paid this year.

They are happy with the proposal of the city to reduce the rates starting 2013 except that there will be no rebates, he said.

Carbon said he believes that the reduction offered by the city is substantial, as in the case of the wholesalers.

“I think last year’s offer was 40 percent of one percent. It is a little lower than Iloilo’s which is 44 percent,” he said.

Meanwhile, Councilor Al Victor Espino, had earlier, said that their proposal to the businessmen is to come up with a new slate or tax table. They will erase the 2012 rates but will not give rebates, he said.

Espino said they also hope it will keep Bacolod competitive with other cities.

During their last meeting, they proposed to tax only 40 percent of 1 percent of the taxes due to the city in relation to business tax, he said. They are adjusting the tax table of the manufacturers and retailers only since the tax table of the contractors is already updated, he added.

Espino said that under the New Tax Code it is 50 percent of 1 percent. But staring next year it will be 40 percent of 1 percent with no rebates, he said.*CGS

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