Makati City grants tax relief – BusinessWorld Online
MAKATI CITY Mayor Nancy Binay has signed into law an ordinance that gives tax relief to residents and businesses affected by severe flooding that struck the city in July.
“We recognize the tremendous hardships our constituents have endured,” she said in an e-mailed statement on Tuesday. “This comprehensive measure demonstrates our resolve to deliver swift, tangible relief that will help our community rebuild and recover.”
Enacted by the Sangguniang Panlungsod on Aug. 11, the emergency legislation waives penalties, surcharges and interest on business taxes that fell due on July 21, while extending a 5% discount on real property taxes for the third quarter.
The relief measures seek to help the community recover from the devastating floods that displaced families and disrupted local commerce throughout the city.
Qualified taxpayers may avail themselves of these benefits by settling their obligations from Aug. 26-29 and Sept. 1.
Taxpayers who have paid penalties, surcharges or interest on business taxes due on July 21 may apply these amounts as credits against future local tax liabilities. The same applies to those who paid third-quarter real property taxes but missed the 5% discount. — NPA