Connect with us

Hi, what are you looking for?

Captain Of Success
Top Stories

Stock Markets

LGU tax share not shortchanged

DOF.GOV.PH

THE Department of Finance (DoF) said it has been adhering to the Mandanas-Garcia ruling and computation for local governments’ shares in national taxes.

In a statement on Sunday, the department said it ensures the “strict compliance with the Supreme Court decision and relevant laws in determining the National Tax Allotment (NTA) shares for local government units (LGUs).”

“Nothing is shortchanged. We are very much welcome and open to having continued dialogues with our LGUs to help them strengthen their fiscal capacities and optimize resource utilization to deliver more and better services to Filipinos,” Finance Secretary Ralph G. Recto said.

This after a group of local government unit leaders called on the department to disclose the accounting of the NTA as they claimed they were being “shortchanged” of their shares.

LGUs are given a 40% share of the National Government’s tax revenue under the Mandanas-Garcia ruling.

The DoF said it refers to the Supreme Court decision as well as the 1987 Constitution when determining the deductions.

The Finance chief will also schedule a meeting with LGUs this week to discuss the matter, it added. — Luisa Maria Jacinta C. Jocson

    You May Also Like

    Stock Markets

    The First Philippine Polymer Banknote Series is composed of the 1000-piso polymer banknote, as well as new polymer denominations: 500-, 100-, and 50-piso. —...

    Finance

    Homebase is set to return in a slimmed-down format after the DIY chain’s collapse last month, with its new owner CDS confirming plans to...

    Stock Markets

    When it comes to providing accommodations that have all the makings of a second home in the best Philippine destinations, Astoria Hotels and Resorts...

    Stock Markets

    No plan? No problem, as Absolut Vodka & SPRITE transforms the Philippines pulling off for the ultimate, unplanned hangout — celebrating the arrival of...

    Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.