Quezon City News
QC to reward businesses supporting priority programs
In a bid to foster closer collaboration with local businesses and enhance the quality of services provided to Quezon City residents, Mayor Joy Belmonte has officially endorsed an ordinance designed to reward private entities supporting the city's priority programs.
City Ordinance SP-3213, S-2023, spearheaded by District 3 Councilor Wency Lagumbay, outlines a mechanism for the city to issue tax credit certificates to private donors. These certificates can then be applied to their business tax obligations at the discretion of the City Treasurer.
Mayor Joy Belmonte expressed her optimism about the potential of this ordinance, stating, "With this ordinance, we hope to strengthen our partnership with the private sector in uplifting the lives of our residents by providing them quality social services and programs, and at the same time foster a healthy business climate in QC."
The ordinance specifies that tax credit certificates will be granted to businesses that donate specific assets or services. These donations will be evaluated as follows: brand new assets or services, valued at no more than 90 percent of the prevailing market price, or used assets in good working condition, not more than three years old, assessed at no more than 90 percent of their depreciated remaining worth.
Crucially, the tax incentives will only be offered for donations that align with the city's priority programs and adhere to reasonable accounting and appraisal methods, such as the Manufacturer's Recommended Selling Price (MRSP), price indexes of the Department of Trade and Industry (DTI), and/or Department of Budget and Management (DBM).
The City Treasurer's Office (CTO) is actively crafting the Implementing Rules and Regulations (IRR) for the ordinance, ensuring its efficient and effective execution.
Mayor Belmonte acknowledged the longstanding collaboration between the city and businesses, highlighting this ordinance as a means to recognize and applaud businesses for their contributions in helping the city achieve its objectives and priorities for Quezon City residents.
According to section 10 of the ordinance, the measure will come into effect following its publication in a newspaper for three consecutive days, in accordance with the Local Government Code of 1991.
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