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Thursday, December 29, 2011

QC REPORTS BIG REVENUE GAIN

Quezon City is expected to post a budget surplus of P730 million before the year ends, an indication that further bolsters QC’s image as one of the most business-friendly cities in the country today.

According to city treasurer Ed Villanueva, the expected surplus is a result of the aggressive tax collection program pursued by his office this year in order to finance the various requirements for governance and growth of the city under the administration of Mayor Herbert Bautista.

“This is unprecedented,” Villanueva said.

In his report, Villanueva said, QC managed to post an increase of 18.35% or P1.46 billion in the city’s tax collection in the general fund as of December 27, representing notable increases in the collection of real estate and business taxes, and other regulatory and miscellaneous fees, transfer and amusement taxes.

QC’s gross collection has now reached P12.88 billion in taxes and fees with barely two days left before the end of 2011, posting an increase of about P1.60 billion, or 14.22%, compared to the same period last year.

With the collection, the city’s cash on hand and in bank now stands at P4.36 billion.

Business taxes, which serve as the city’s major income source, constitute the bulk of the collection, with P4.55 billion plus. The amount represents an increase of about P723.37 million or 18.89% as compared to the same period last year.

In real estate, the city collected about P1.46 billion in taxes in 2011, registering an increase of about P190.42 million, or 14.89%.

The city’s collection also included payments of idle land tax, which the city started collecting this year, and advance payment for the collection of the socialized housing tax.

Also contributing to the increase in revenue collections is the computerized real property assessment records maintained by the city assessor, and its Suyod-Buwis program involving 10,966 parcels with an assessment value of P6.715 billion.

Systems improvements were also introduced by the QC Information Technology Development Office (QCITDO) to detect deficiencies, prior to settlement of current real property tax liabilities.

Meanwhile, Villanueva has expressed readiness for the influx of the taxpayers at the start of the first working day of January 2012, including full deployment of treasury personnel.

According to Villanueva, the treasurer’s office will be open as early as 7 a.m. on weekdays and from 8 a.m. to 5 p.m. on weekends until the January 20 deadline for the first quarter payment.

“Habang may nakapila at magbabayad, bukas po ang ating opisina,” said Villanueva. Precy/ Ej/ Maureen Quiñones, PAISO

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