During the deliberations of the 2008 Budget of the City of Vigan, it was observed that 67.75% (Php 134,457,228.00) of the Annual Budget of Php 198,446,228.00 comes from the Internal Revenue Allotment(IRA) by the national government and only 32.25 %(Php 63,989,000.00) comes from local sources. This situation makes Vigan dependent on the National Government although the Internal Revenue Allotment (IRA) is its rightful share. This is the reason why the local government of Vigan has embarked on programs and projects that will minimize its dependency on the IRA.
The revision of the Vigan Revenue Code which updated the rates of outmoded regulatory fees and increased to reasonable levels the taxes on tobaccos, cockpit arenas, banks and other financial institutions, if properly collected is expected to give the City additional income of Five (5) Million Pesos. The recent approval in the City Council of a measure which seeks to revise the schedule of fair market values is expected to raise local revenues by Two(2) Million Pesos. However, we cannot keep on increasing local taxes since this will badly hurt the taxpayers of Vigan. Efficient collection and strengthening of the city’s economic enterprises are
still the best options. The City’s proprietary function(engage in business) should be reasonably and innovatively exercised so as not to compete with the private sector but more importantly to address the issue of IRA(Internal Revenue Allotment) dependency.
The revision of the Vigan Revenue Code which updated the rates of outmoded regulatory fees and increased to reasonable levels the taxes on tobaccos, cockpit arenas, banks and other financial institutions, if properly collected is expected to give the City additional income of Five (5) Million Pesos. The recent approval in the City Council of a measure which seeks to revise the schedule of fair market values is expected to raise local revenues by Two(2) Million Pesos. However, we cannot keep on increasing local taxes since this will badly hurt the taxpayers of Vigan. Efficient collection and strengthening of the city’s economic enterprises are
still the best options. The City’s proprietary function(engage in business) should be reasonably and innovatively exercised so as not to compete with the private sector but more importantly to address the issue of IRA(Internal Revenue Allotment) dependency.
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