By Mae Singuay

The Bacolod City Treasurer’s Office (CTO) submitted a proposal to city council for the adjustment of  business tax rates.

Councilor Thaddy Sayson, chair of the committee on appropriations and finance, revealed that the Sangguniang Panlungsod had received the request letter from City Treasurer Arlene Memoria last week, asking the council to adjust tax rates.

The councilor said that the proposal is mandatory for the local government unit to make an adjustment based on the Republic Act 7160, or the local government code of 1991, required by the Department of Finance (DOF).

Such request was accepted by the city council after it was included in the regular session’s agenda last week.

The proposal is now at the Committee on Ways and Means, Sayson said.

“Under the law, we are mandated nga mag-adjust [tax rates] for every five years. I’m not sure kun san-o ang last nga adjustment, but I heard nga due na kita,” he explained.

He said the DOF is monitoring that and it must be followed.

We learned that the CTO is directly reporting to the DOF, aside from the City Mayor’s Office (CMO), he said.

He said the city council will take action depending on the CMO’s decision to make adjustments within this year or in 2024.

Sayson explained that industries in goods and services will be affected once an adjustment is made./MS, WDJ