Northern Mindanao Q1 tax collections hit P2.49 billion

• Source: http://news.pia.gov.ph/article/view/1521435070150/northern-mindanao-q1-tax-collections-hit-p2-49-billion
• Wednesday, June 24, 2015

By Apipa P. Bagumbaran

CAGAYAN DE ORO CITY, June 24 (PIA) --- Northern Mindanao continues to post double digit growth in tax collections, the National Economic and Development Authority (NEDA) in the region said.

In a media forum last week, NEDA told media practitioners that the tax bureau in the region hit a total of P2.49 billion in tax collections during the first quarter of the year, higher by 20 percent from the P2.07 billion tax takes in the same quarter in 2014.

Income taxes, which amounted to P1.52 billion, contributed the biggest share of 61 percent followed by Value Added Taxes (VAT) with P674.9 million or about 27 percent of the total regional tax collections.

Bulk of the collections was registered by the Cagayan de Oro Revenue District Office (RDO) totalling P1.48 billion or 59 percent. This amount is also 29 percent higher from the P1.15 billion tax collections in the same quarter of last year.

Based on the report submitted by the Bureau of Internal Revenue (BIR) in the region, Iligan City RDO collected P394.6 million during the quarter, followed by Bukidnon RDO with P325.5 million. Ozamiz City RDO posted P206.3 million collections while Gingoog City RDO recorded P89.9 million during the same period.

The BIR attributed its strong performance to the implementation of Oplan Kandado and its enhanced tax mapping efforts.

The increased number of VAT-registered individuals and establishments as well as improved payment systems at the local level were also cited as contributing factors to the continuing tax collection growth in the region. (APB/PIA-10)