Cebu City to raise business taxes of banks, financial institutions

Cebu City will be raising its business taxes for financial institutions following the passing of an amendatory ordinance by the City Council from 50% of 1% of gross receipts for the preceding calendar year to 60% to 1%. | CDN FILE PHOTO

According to the Local Government Code, the local government units may levy taxes to financial institutions including banks provided they do not impose a tax of more than 75 percent of 1 percent of their gross receipts for the preceding calendar year. For insurance institutions gross receipts would include insurance premiums actually collected, interest earnings on loans and discounts actually collected, rentals actually collected from property owned by the insurance companies, income actually collected from acquired assets, and cash dividends received on equity investments.

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