QC launches establishments’ incentives
Quezon City Mayor Joy Belmonte has recently signed an ordinance giving incentives to private entities and business establishments supporting the priority programs of the city government.
Daily TribuneQuezon City Mayor Joy Belmonte has recently signed an ordinance giving incentives to private entities and business establishments 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.
"We hope to strengthen the city's partnership with the private sector in uplifting the lives of residents by providing them quality social services and programs and at the same time foster a healthy business climate in the city," Belmonte said.
The mayor added that a tax credit certificate will be issued to businesses donating certain assets or services — with brand new assets or services to be valued at the rate of no more than 90 percent of the prevailing market price.
She said that incentives will also be given to those who will provide 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, price indexes of the Department of Trade and Industry and the Department of Budget and Management.
The City Treasurer's Office is currently drafting the Implementing Rules and Regulations 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," Belmonte said.
The ordinance will take effect after publication in a newspaper for three consecutive days, as provided by the Local Government Code of 1991.