Amending Section 37(g) Article II of Pasay City Ordinance No. 241, s. 1993

January 27, 1998 PASAY ORDINANCE NO. 1049-98 AN ORDINANCE FURTHER AMENDING SECTION 37(g) ARTICLE II OF PASAY CITY ORDINANCE NO. 241, SERIES OF 1993, OTHERWISE KNOWN AS THE ORDINANCE ADOPTING THE PASAY REVENUE CODE AS AMENDED BY ORDINANCE NO. 512, SERIES OF 1995 Sponsored by: COUNCILOR GREG F. ALCERA WHEREAS, Ordinance No. 241, Series of 1993, Section 37(g) Article II of Pasay City otherwise known as the Ordinance adopting the Pasay City Revenue Code which originally provides that the local business tax rate on banks and other financial institutions with principal/head offices in the City at a rate not exceeding seventy five percent (75%) of one (1%)on the gross receipts of the preceding calendar year derived from the interest, commission and discounts from lending activities, income from financial leasing, dividends, rentals on properties and profit from exchange or sale of properties and insurance premiums was amended by Ordinance No . 512, Series of 1995 to lower the Rate to a fixed rate of twenty percent (20%) of one (1%) of the aforesaid activities for the year 1995 and twenty five percent (25%) of one (1%) of the aforesaid activities for the year beginning 1996 and the year thereafter subject to adjustment in order to give incentive to that establishments which has decided to transfer their principal/head offices to this City; WHEREAS, Ordinance No. 512, Series of 1995, otherwise known as an Ordinance amending section 37(g) Article II of Pasay City Ordinance No. 241, Series of 1993 be further amended to include that the local business tax rate on banks and other financial institutions with principal/head offices in the City at a rate not exceeding seventy-five percent (75%) of one percent (1%) on the gross receipts of the preceding calendar year derived from the interest, commission and discounts from lending activities, income from financial leasing, dividends, rentals on properties and profit from exchange or sale of properties and insurance premiums For the year 1998 and the year thereafter in order that the City will not anymore be deprived of the income which is originally due it under Section 37(g) Article II of Ordinance No. 241, Series of 1993 (Pasay City Revenue Code). NOW, THEREFORE, BE IT ORDAINED AS IT IS HEREBY ORDAINED, by the Sangguniang Panlungsod of Pasay in session duly assembled to further amend as it hereby amends Ordinance No. 512, Series of 1995, Section 37(g) Article II of Pasay City Revenue Code to include that the local business tax rate on banks and other financial institutions with principal/head offices in the City at a rate not exceeding (75%) of one percent (1%) on the gross receipts of the preceding calendar year derived from the interest, commission and discounts from lending activities, income from financial leasing, dividends, rentals on properties and profit from exchange or sale of properties and insurance premiums for the year 1998 and the year thereafter. EFFECTIVITY This Ordinance takes effect upon passage and approval of the Sangguniang Panlungsod, approval by the City Mayor, posting in two conspicuous places in the City and its publication once in a newspaper of general circulation in the city. ENACTED this 27th day of January, in the Year of Our Lord, Nineteen Hundred and Ninety-Eight. LibLex APPROVED: (SGD.) HON. WENCESLAO B. TRINIDAD City Mayor (SGD.) GREG F. ALCERA City Vice Mayor