The local government is lobbying for a 300- to 400-percent increase in tax rates in a bid to fund Mayor Michael Rama’s proposed P50-billion budget for 2023 that would hopefully pave the way for his vision to turn Cebu City into the next Singapore.
Castillo stressed the need to look into the legality of revising business and real property tax rates since the last time the city did it was in 2006, or 16 years ago.
Castillo said there was an instance in the past where the Commission on Audit called the attention of the Cebu City government, through an audit observation memorandum, due to the city’s failure to revise its business and real property tax rates.He said the council would meet with barangay officials in the city to solicit their comments on the proposal.
He, however, admitted that the mayor’s office had yet to conduct barangay consultations although these were already being scheduled. A summary of the proposed appropriation showed that the P50 billion would be sourced from the general fund, like the national tax allotment ; tax revenues ; nontax revenues ; and shares from the economic zone .
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