To further encourage collaboration with businesses in providing services for QCitizens especially the marginalized sectors, Mayor Joy Belmonte has signed an ordinance giving incentives to private entities supporting the priority programs of the city government.
Through City Ordinance SP-3213, S-2023, introduced by District 3 Councilor Wency Lagumbay, the city will issue a tax credit certificate to private donors that they can apply to their business tax dues at the discretion of the City Treasurer.
“With this ordinance, we hope to strengthen our partnership with the private sector in uplifting the lives of our residents by providing them quality social services and programs, and at the same time foster a healthy business climate in QC,” Mayor Joy Belmonte said.
Based on the ordinance, a tax credit certificate will be issued to businesses donating certain assets or services in following manner: brand new assets or services to be valued at the rate of no more than 90 percent of the prevailing market price; or used assets in good working condition and not more than three years old, to be valued at the rate of no more than 90 percent of its depreciated remaining worth.
Moreover, the tax incentive will only be provided if the donated assets or services are in line with the city’s priority programs and in accordance with reasonable accounting and appraisal methods such as the Manufacturer’s Recommended Selling Price (MRSP), price indexes of the Department of Trade and Industry (DTI) and/ or Department of Budget and Management (DBM).
The City Treasurer’s Office (CTO) is currently drafting the Implementing Rules and Regulations (IRR) of the ordinance for its efficient and effective implementation.
“We have been working hand-in-hand with businesses for years now. This ordinance is one of the city’s ways to recognize and commend them for helping and supporting the city attain its targets and priorities for QCitizens,” the mayor added.
As per section 10 of the ordinance, the measure will take effect after publication in a newspaper for three consecutive days, as provided by the Local Government Code of 1991.