Deadline all the time

breaking news stories, photos, and video

Andaya: LGUs to get P27.1B in 09 on increased VAT revenues

leave a comment »

By Joel Guinto
INQUIRER.net
First Posted 19:08:00 09/04/2008

MANILA, Philippines — Higher tax collections due to the expanded Value Added Tax (VAT) will push the allocation for local government units (LGUs) in 2009 to P271.1 billion, up from P231.7 billion this year, Budget Secretary Rolando Andaya said Thursday.

The local governments’ Internal Revenue Allotment, which represents the LGUs’ 40-percent share in internal revenue collections, will increase to P250 billion from P210.7 billion in 2008, Andaya said in a statement.

On the other hand, the LGUs’ share in the proceeds from other national taxes will rise to P11.1 billion from P7.97 this previous year, Andaya added.

From the VAT alone, LGUs could get P5.4 billion next year, he said.

Next year, local governments will also get shares from the following taxes: tobacco excise tax (P465.4 million), development of national wealth (P607 million), franchise taxes (P56.5 million), tax payments of economic zones (P156 million), and the special privilege tax from hydroelectric power generation (P12 million), he said.

Andaya also announced the following allocations:

• P4.3 billion to settle dues from IRA monetization
• P5 billion for indigents’ premium subsidy under the National Health
Insurance Program
• P1.79 billion for the Metropolitan Manila Development Authority (MMDA)
• P770 million for the Pasig River Rehabilitation Commission
• P50 million for the Barangay Officials Death Benefits Fund
• P1 billion each for the Kalayaan Barangay and Kilos Asenso projects

View article as posted on INQUIRER.net

Advertisements

Written by joelguinto

ThuUTC2008-09-04T14:13:10+00:00UTC09bUTCThu, 04 Sep 2008 14:13:10 +0000 22, 2006 at 12:45 pm09

Posted in Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: