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CAGAYAN DE ORO city legislators on Monday adopted a resolution endorsing to the Philippine Economic Zone Authority (PEZA) the application of Pueblo de Oro Development Corporation for the declaration of its 20-hectare Pueblo Business Park in Upper Carmen as an Information Technology (IT) Park.

The resolution cites that PDOC will continue to pay Real Property Tax (RPT) on building or spaces that are leased out to commercial establishments whose activities are “not registrable” with PEZA. These establishments will continue to pay all local government taxes.

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PDOC’s incentive is limited to the income that will be derived from leasing out spaces to PEZAegistered IT companies. Such income will be subject to the special five-percent tax on gross income in lieu of all national and local taxes. The five-percent tax on gross income will be remitted to the national government (three-percent) and the City Treasurer’s Office (two-percent).

The resolution was endorsed by the committees on trade and commerce and on ways and means. (SP)

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