Freeman Cebu Business

LTD-Cebu missed 2015 collection target of P38.8B

Carlo S. Lorenciana - The Freeman

CEBU, Philippines - The Large Taxpayers Division (LTD) in Cebu barely missed its 2015 collection target of P38.8 billion although last year's collection was 22 percent higher than its 2014 actual collection of P27.2 billion, according to a report from the Bureau of Internal Revenue.

 LTD-Cebu's actual 2015 collection figure was not readily available.

 The report noted that this year, LTD-Cebu has a collection target of P44 billion, up 13 percent from the 2015 goal.

 This year, the BIR's Large Taxpayers Service (LTS) is set to collect P1.230 trillion, comprising bulk of the bureau's P2.025-trillion goal.

 LTS, which contributes at least 60 percent of BIR's total revenue collection, comprises of the country's top 2,320 corporate taxpayers.

 Particularly, LTD-Cebu has 257 large taxpayers.

 In 2014, LTD-Cebu surpassed its P26.8-billion target by 1.5 percent to P27.2 billion.

 LTD-Cebu launched its 2016 tax campaign last March 4, attended by CEOs, CFOs and COOs of large taxpayers.

 It awarded City Savings Bank as the top contributor for 2015. The bank posted an increase in tax payments of more than P100 million with a growth rate of more than 20 percent. 

A statement, sent to The FREEMAN by the company yesterday, quoted its president and CEO, Catalino Abacan, as saying the bank will continue to contribute the correct taxes.

While Abacan urged Filipinos to give their proportional share to the government, he said the latter should also manage public funds prudently in return. — (FREEMAN)

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