Pay taxes by January 20 to avoid penalty

CEBU, Philippines - Cebu City Treasurer Ofelia Oliva yesterday urged taxpayers to settle their tax obligations with the City Government not later than January 20, as late payments will be slapped with a 25-percent surcharge.

Aside from the 25 percent, the City will also impose a monthly two-percent interest on the unpaid taxes, Oliva told The FREEMAN.

She said the City will not extend the deadline for the payment of taxes.

The law provides that the payment of taxes shall be made not later than January 20 of every year. Taxpayers have the option of paying on a quarterly basis.

In the previous years, the City installed a “One-Stop-Shop” in malls to make it easier for taxpayers to pay their taxes. But this year, all payments shall be done only at the City Treasurer’s Office.

Oliva said they would have wanted to put up again a one-stop-shop outside the City Hall but there’s no more time.

The biggest revenue collections of the City Treasurer’s Office during the first 20 days of last year came from the real property taxes, followed by business taxes. 

The City Treasurer’s Office is projecting billions in revenue collections this year aside from its close to P1 billion share from the Internal Revenue Allotment (IRA).

Oliva is confident that the P4.1-billion annual budget for 2011 can be achieved as the City also has revenue collections from the proceeds of the sales of lots at the South Road Properties (SRP).

Every year, the City receives installment payments of the lots purchased by the Filinvest Land Incorporated (FLI) and SM Prime Holdings Corporation, the owner of SM City Mall that will construct giant commercial buildings at the SRP within this year. – (FREEMAN)