Capitol targets P4B in revenue this year
CEBU, Philippines — The Cebu Provincial Treasurer’s Office has set a revenue target of around P4 billion this year, P300 million short of last year’s actual revenue.
Lawyer Roy Salubre, the provincial treasurer, said the target was reduced because they are not expecting another P300 million sale.
In 2018, the Capitol generated P4.3 billion in revenues.
Bulk of the revenue came from the sale of the controversial Cebu International Convention Center to the Mandaue City government, and the Internal Revenue Allotment share of P3.1 billion. The Capitol sold the property for P300 million.
The office aims to grow earnings this year through intensive collection of business and real property taxes.
“We hope to generate revenues that would surpass this year’s target of P4 billion,” he said.
Aside from taxes, the office is seen to help increase Capitol revenues by auctioning the real properties of delinquent taxpayers.
The resumption of auction sale is scheduled in March.
In December, the office started auctioning off several properties in the towns of Liloan, Asturias, Tuburan, and Balamban.
Properties, which lot owners failed to redeem by paying necessary real property taxes (RPT), will be subjected to an auction sale, said Salubre.
According to Republic Act 7160 or the Local Government Code of 1991, property owners are required to pay RPT annually, which applies to all types of real properties, including lands, buildings, improvements, and machinery. (FREEMAN)