SBMA to Release P72-Million Revenue to Its Neighbor LGUs
SUBIC BAY FREEPORT - Officials of the Subic Bay Metropolitan Authority (SBMA) announced yesterday the release this month of a total of P72 million in revenue shares to the seven municipalities and one city that are located near this free port.
SBMA Chairman and Administrator Roberto Garcia said the funds to be given to neighboring local government units (LGUs) were derived from two percent of the corporate taxes paid by registered Subic Freeport enterprises from June to December, 2012.
Since August, 2010, the SBMA, under a new tax collection scheme, began directly receiving two percent of the five percent corporate taxes paid by Subic firms to help ensure the prompt release of these shares to neighboring LGUs.
The rest of the five percent, which is three percent, goes to the national treasury through the Bureau of Internal Revenue (BIR).
For the second semester, Olongapo City has been allotted a total P17.5 million. In Zambales, the town of Subic will receive P10.69, while San Marcelino will get P8. …