Chamber wants province to hold off tax increases

Updated March 17, 2009 12:00 AM CEBU, Philippines - The Cebu Chamber of Commerce and Industry has requested the Provincial Board to hold in abeyance the implementation of the 2008 Revenue Code of Cebu in light of the present global economic crisis. CCCI president Edward Gaisano stated in their letter to the PB through Vice Governor Gregorio Sanchez that they understand the intention of the province in exercising its governing taxation, but it may not be timely to implement any increase in local taxes due to the current global economic situation. CCCI believes that the government should instead give more incentives to existing and potential investors who can alleviate the plight of the labor force, which is smarting from the loss of jobs and income. The chamber also stated that a Business Pulse Survey conducted by the Cebu Economic Advisory Group in February reveals that majority of the respondents expect to maintain or even improve their business activities under the present economic crisis based on the premise that the cost of doing business in Cebu will remain the same. CCCI also asked the PB to conduct extensive consultations and public hearings with the affected sectors prior to the implementation of the code, which proposes raising province real property tax rates by 40 to 50 percent. During the PB’s session yesterday, the matter was endorsed to Board Member Wenceslao Gakit, chairman of the PB committee on budget and appropriation, and ways and means. — Johanna T. Natavio/BRP (THE FREEMAN)