Home | Money Matters | 20,000 businesses would generate P500m to P600m

20,000 businesses would generate P500m to P600m

Staff member

The city government of Cagayan de Oro is targeting to generate around P500 to P600 million in business taxes in the annual registration and renewal of business permits this month following the City Treasurer’s Office in Cagayan de Oro sees over 20,000 business owners to renew their permits this year.

City treasurer Ramon Antonio Mendoza  said starting January 2, this year, their office is already processing business permits’ renewal for 2018. He said the deadline is January 20, 2018.

“I would like to urge businessmen to renew their business licenses early to avoid penalties,” Mendoza said adding late registration would incur a penalty of 25 percent surcharge plus 2 percent per month interest.

Mendoza said for those businessmen paying business taxes in quarterly basis, the deadline are on January 20, April 20, July 20, October 20, 2018.

“So far, there is no intention to postpone the deadlines,” he said.

He also said that the city would be expecting some 20,000 business permits to be renewed in 2018.

“We expect the collection will increase this year,” he said.

Mendoza was not able to provide the rate of the increase of business establishments in the city but he said the number is growing.

According to Mendoza, in renewal alone of business permits for all types of businesses operating in Cagayan de Oro, he expects more or less 500 to 600 million.

He added the city was again implemented the Business One Stop Shop (BOSS) from January 3-20, 2018 to help business owners simplify the acquisition of business permits.

“The city has started implementing the business one stop shop (BOSS) since 2011 and it’s operational year round,” said Mendoza.

He said that the processing will basically take only three steps – application, payment and release.

Business owners can process their permits from 8am to 8pm, including Saturdays, Sundays and holidays, according to Mendoza.



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