City of Manila Set to Settle Tax Debt of Php500 Million

| June 19, 2014 | 0 Comments

In due time, the ever-efficient City of Manila will soon be free from the fetters of a stressful multi-million debt from the Bureau of Internal Revenue as it is very much dead set to pay the said unsettled account of Php500 million of which Mayor Estrada’s predecessor has incurred for years. This agreement was reached by Manila City Mayor Erap Estrada and the Bureau of Internal Revenue was until the end of this month. As planned, it will be paid on an installment basis, This was revealed by Mayor Estrada to the city’s revenue regional officers. Going back, the City of Manila’s huge debt was a part of the 3-billion debt of the former administration of ex-Manila Mayor Alfredo Lim.

The City of Manila will soon settle its Php 500-million debt at the end of the month.

The City of Manila will soon settle its Php 500-million debt at the end of the month.

On the part of the Bureau of Internal Revenue, it has rejected the request of the city to grant them with a compromise settlement which involves a 10 percent basic tax arrangement. The main reason for its non-approval was the mere fact that Manila is heavily indebted. In other developments, the former chief of the Philippines is set to file charges against the previous city treasurer of Lim once all the evidences are already prepared. Truly, the City of Manila is once again back on its feet towards progress and development.

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