City gov’t grants 15 percent tax break for business firms

The city government has eased the incentives on the rise of the COVID-19 pandemic by giving a 15 percent tax break on business taxes to aid the city’s local enterprises.

This is after the Sangguniang Panlungsod (SP) enacted Ordinance No. 32 s. of 2020 or “An Ordinance Granting a Fifteen Percent (15%) Tax Holiday On Business Tax For Fiscal Year 2020 in the City of Koronadal.”

Under the said ordinance, all businesses duly registered and operating in the City of Koronadal are eligible to avail of the Tax Holiday upon payment of their tax dues for Fiscal Year 2020.

Those who have already paid their taxes for Fiscal Year 2020 can still avail of the 15% Tax Holiday upon applying for the renewal of their business permit in the incoming Fiscal Year 2021. The computed 15% Tax Holiday based on the tax due for FY 2020 will be credited against their tax due for FY 2021.

Moreover, no refund will be allowed for paid taxes instead it will be treated as a tax credit for the succeeding fiscal year.

The local government took initiative to explore additional interventions to help businesses boost the local economy, as well as, stymie and survive the effects of this crisis.

Through it, business owners are entitled to levy breaks that would help them recover after months of distress.

The principal author of the ordinance is Hon. Edwin Abris and co-authored by Hon. Anabelle G. Pingoy, Hon. Francis Ross S. Dideles, Hon. Marie Antonina I. Hurtado, Hon. Bernardo B. Hinay.

 

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