Amending Section 52 (Advanced and Prompt Payment Discounts) of the Revenue Code of Taguig

December 20, 2005 TAGUIG CITY ORDINANCE NO. 100-05 AN ORDINANCE AMENDING SECTION 52, CHAPTER 8 PERTAINING TO "ADVANCED AND PROMPT PAYMENT DISCOUNTS" ON REAL PROPERTY TAX COLLECTIONS UNDER MUNICIPAL ORDINANCE NO. 24, SERIES OF 1993, OTHERWISE KNOWN AS "THE REVENUE CODE OF TAGUIG" Sponsored by: Coun. Aurelio Paulo R. Bartolome Coun. Arnel M. Cerafica Coun. Henry M. Dueas, Jr Coun. Allan Paul C. Cruz Coun. Ricardo J. Jordan Coun. Elpidio M. Javier Coun. Marisse Balina-Eron Coun. Glen N. San Pedro Coun. Baltazar T. Mariategue Coun. Delio J. Santos Liga Pres. Floro C. Hernandez SK Fed. Pres. Lord Kristine E. Valenzuela WHEREAS, the conversion of the municipality of Taguig into a city has raised expectations on its capacity and function to deliver more and better basic services/facilities to its constituents (Secs. 16 and 17, R.A. 7160, Local Government Code) necessitating the raising of more resources through collection of taxes and revenues (Sec. 129, ibid) WHEREAS, there is an urgent need for, among others, a restudy to consider possible amendments to the current schedule of discounts as provided under Section 52, Chapter 8 of Municipal Ordinance No. 24, Series of 1993, otherwise known as "The Revenue Code of Taguig" to encourage early payment of real property and related taxes rendering the said schedule more effective in accomplishing its desired objective. WHEREAS, the situation calls for more incentives under amplified conditions at least in terms of discounts to encourage prompt and more payment or real property taxes. NOW THEREFORE, be it resolved as it is hereby resolved by the City Council of Taguig, to amend Section 52 of "The Revenue Code of Taguig" such that the same shall hereinafter read fully as follows "Section 52. Advanced and Prompt Payment Discounts: a). If the basic real property tax and the additional tax accruing to the special and/or idle land tax imposed thereon are paid in advance for the whole year, the taxpayer shall be entitled to a discount of twenty percent (20%) of the amount of the tax due and payable. Payment is deemed advance if made on or before the 31st day of December of the year immediately preceding the year of the tax being paid. b). If the real property tax is paid on an installment basis as prescribed under section 50 of this Title, the taxpayer shall be entitled to a discount of ten percent (10%) of the amount of the tax due if, instead of being paid as prescribed, the same is paid in advance on or before the last day, either the 30th or 31st of the last month, of the immediately preceding quarter. c). If the tax is paid within the quarter as prescribed under the aforesaid section, the taxpayer shall be entitled to a discount of seven and one-half percent (71/2 %) of the tax due if payment thereof is made within the first month of the quarter and five percent (5%) if made within the second month of the same quarter," This Ordinance shall take effect immediately upon its approval. APPROVED this 20th day of December 2005 at Taguig City. Attested by: (SGD.) ATTY. GEORGE A. ELIAS City Vice Mayor and Presiding Officer Certified by: (SGD.) Mr. DICKSON ROO Temporary City Council Secretary Approved by: (SGD.) HON. SIGFRIDO R. TIGA City Mayor