Collections from business tax up by 11.65%

TAX collections of Cagayan de Oro City from business permits has increased by 11.65 percent following the renewal last January 1 to 31, according to a report of the City Treasurer Office.

It was reported that a total of P661,089,897.43 million was collected during the month-long period of the renewal of business permits, according to Acting City Treasurer Jasmin Maagad.

The data showed an increase of P68.9 million compared to last year’s P592,096,838.17 million collected in the same period, she added.

According to the report, out of the 15,692 business permits registered, 14,786 were renewed while 906 were recorded as newly opened businesses in the city.

The City Economic Enterprises Department of the City Finance Office, on the other hand, has started the renewal for the stall holders in Cogon, Carmen and Eastbound Terminal public markets last Friday, February 1.