Thursday, August 16, 2018

SBMA distributes P147M revenue share to LGUs near freeport

Aug 7, 2018 @ 3:17

The Subic Bay Metropolitan Authority (SBMA) has released P147.13 million as revenue share for the eight local government units (LGUs) contiguous to the Subic Bay Freeport Zone.

The amount was the revenue for the first half of 2018.

Olongapo City received the biggest share amounting to P34,356,210.73, said SBMA Chairman and Administrator Wilma T. Eisma who distributed the individual checks Wednesday, August 1.

Next to Olongapo City was Subic, Zambales with P22,438,000.32; Dinalupihan, Bataan with P18,317,950.71 San Marcelino, Zambales with P17,652,452.62; Hermosa, Bataan with P15,292,064.02; Castillejos, Zambales with P13,656,489.21; Morong, Bataan with P12,776,665.57; and San Antonio, Zambales with P12,664,679.21.

Eisma said that the latest releases brought the cumulative LGU shares distributed by the SBMA in the last eight years to a total of P1,649,947,885.13.

This means an average release of P206.24 million every year to the eight LGUs covered by the benefit taken from the 5% tax paid by enterprises registered in the Subic Bay Freeport Zone.

According to Eisma, SBMA began directly releasing the shares to LGUs in 2010. Before this, Subic business locators paid their 5% corporate tax to the BIR, which remits payments to the national treasury. Then the Department of Budget Management released the 2% share to the LGUs concerned.

Under Republic Act No. 9400, which amended RA 7227 or the Bases Conversion and Development Act of 1992, business enterprises within the Subic Freeport Zone only pay a 5% tax on their gross income earned within the zone.

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