An 8.08% increase in value-added taxes (VAT) have been noted in region 10 during d first three (3) months of the year.
Data gathered by the National Economic & Development Authority (NEDA), region 10, show that the VAT collection of the Bureau of Internal Revenue (BIR), region 16 that covers Northern Mindanao amounted to Php275.34 million noting a Php20.58 million increase from last year’s Php251.76 million.
Engr. Leon Dacanay, Regional Director of NEDA-10, also said percentage taxes slightly increased during the period from Php57.1 million 2 Php59.6 million or 0.91%.
However, “other” taxes, such as, documentary & capital gains tax, etc. went down from Php112.9 million to Php68.1 million or -39.68 and “income” taxes, from Php520.9 million to Php368.9 million or -29.19% while “excise” taxes, from Php159,121.97 to Php61,279.97 or -61.49%.
Dacanay said the downtrend in income taxes resulted from the tax relief package of the government increasing the personal exemptions per Republic Act (RA) 9504 that started in July 2008.
The reprieve covered both individual income tax and corporation income tax with lowered rates from 35% to 30%. “Further affecting the revenue generation, though, was the economic slowdown that characterized the region during the period,” Dacanay added.