Tag Archives: Value Added Tax

Northern Mindanao posts P1.4-B tax collection

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The Manila Bulletin
By MIKE U. CRISMUNDO
November 7, 2010

CAGAYAN DE ORO CITY, Philippines – More infrastructure development is seen in Northern Mindanao as tax collection continues to go up, with this year’s second quarter internal revenue collections alone reaching P1.426 billion compared with last year’s P1.218 billion, it was learned Sunday.

Data gathered from the National Economic Development Authority (NEDA) disclosed that internal revenue collections in Northern Mindanao for the second quarter of 2010 posted 17 percent increase compared with the same period last year.

“We are expecting before the end of the year and early next year to increase this figure,” said a NEDA officer who requested anonymity.

The NEDA record showed that the biggest increase was posted by Revenue District (RD) 100 Ozamiz with 35 percent or P143.273 million this year compared with last year’s P106.381 million followed by RD 99 Bukidnon with 28 percent or P191.657 million as against last year’s figure of only P149.638 million.

NEDA data also disclosed that RD 98 Cagayan de Oro City also posted an increase of 24 percent or P847.697 million collection this year compared with last year’s P682.030 million while RD 97 Gingoog has 21 percent increase or had a collection of P58.212 million this year compared with the 2009 figure of P47.838 million. RD 101 Iligan City also reached P185.049 million collection.

By type of tax collections, NEDA record also said other taxes registered the biggest increase with 29 percent from last year’s P62.483 million to P80.779 million in the second quarter of 2010 followed by income tax with 21 percent increase, from P761.969 million last year to P925.343 million in 2010.

On the other hand, value-added tax registered 7.54 percent increase with R357.445 million this year compared with last year’s R332.397 million while percentage tax had 3.11 percent increase with R61.937 million in 2010 from last year’s R60.066 million.

Among all the types of taxes, only excise tax suffered negative 40.60 percent as this year’s collection reached only P382,519 compared with last year’s P643,978, NEDA record said. NEDA, however, is expecting this data to make positive record next year.