SANT A ANA, Cagayan: The Cagayan Economic Zone Authority (CEZA) has remitted roughly P234.3 million to the National Treasury as the government’s dividend share for 2015.
CEZA is a government-owned and controlled corporation (GOCC) based in Cagayan Province.
Joyce Marie Calimag, CEZA public relations chief, said the amount remitted constitutes 60 percent of its annual income.
Calimag said that as a government corporation, CEZA is mandated to remit at least 50 percent of its annual net earnings as cash, stock or property dividends to the National Government, which is on top of the 30 percent corporate income tax CEZA remits to the Bureau of Internal Revenue (BIR).
Records show that CEZA’s dividends share has noticeably increased over the years since its first remittance. CEZA is ranked 16th out of 54 GOCCs in terms of dividends remitted to the National Treasury this year.
Jose Mari Ponce, CEZA administrator and chief executive officer, said that since CEZA’s first remittance, its contribution has increased significantly over the years.
CEZA remitted P88 million to the national government in 2006-2012, and P100 million in 2013.
“For its 2015 dividends share, it is proud to remit over P234 million, which is its highest contribution so far and a 53 percent increase from 2014,” Ponce said.
CEZA was created under Republic Act 7922, or the Cagayan Special Economic Zone Act of 1995, signed by then President Fidel Ramos to manage and supervise the development of the 54,118-hectare Cagayan Special Economic Zone and Freeport in this town.
The zone includes the islands of Fuga, Barit and Mabbag in Aparri Town.
CEZA was the only non-individual taxpayer in Revenue District Office No. 13 of the provinces of Cagayan and Batanes in the BIR’s top 500 list last year.