Philippine news CKN 407 Cebu City losing P1B a year to tax evaders

Cebu City losing P1B a year to tax evaders

 

 

 

THE Cebu City Government loses at least a billion on revenues every year because of business establishments that do not pay their taxes.

Mayor Tomas Osmena earlier said there are over 10,000 establishments in the city that do not have business permits and are not paying their taxes to the city.

In his news conference yesterday, Osmena said business establishments can operate in the city even if they don't have business permits, provided they pay taxes.

Osmena said there are business owners who don't apply for a business permit because of the requirements that they need to secure from other government agencies.

He warned establishments that if they are caught operating without a business permit and do not pay taxes, they will be blacklisted.

 

 

 

 

Philippine news CKN 406 PH, Sokor sign loan pact for Cebu Port Project

PH, Sokor sign loan pact for Cebu Port Project

 

 The Philippines and South Korea signed on Monday a USD 172.64 million loan agreement for the construction of a new international container port in Cebu that aims to free up the existing seaport in the province; and provide a more efficient and reliable transport infrastructure for the unimpeded flow of goods and services in the Visayas. The agreement was signed by Finance Secretary Carlos Dominguez III on behalf of the Philippine government, and Sung-Soo Eun, chairman and president of the Export Import Bank of Korea (KEXIM).

 A new Cebu International Container Port with a total estimated project cost of PHP 10.1 billion (approximately USD 199.25 million) will be built on a 25-hectare reclaimed land in the town of Consolacion in Cebu.

 

 Aside from the construction of physical structures, the loan also covers the procurement of cargo handling equipment and consulting services.

 

 KEXIM-EDCF will extend USD 172.641 million (approximately PHP8.8 billion or 186.97billion Korean won) for the Port project with a preferential interest rate of 0.15 percent per annim for non-consulting services and zero percent for consulting services.

 

 The loan has a maturity period of 40 years, inclusive of a 10-year grace period.