The Subic Bay Metropolitan Authority (SBMA) is set to release a total of P74.5 million worth of revenue shares for the first semester of this year to communities adjacent to this premier freeport.
SBMA chairman and administrator Roberto Garcia said the figure consists of the P67.2-million revenue share for the first semester and the P7.3-million 10-percent retention withheld from the revenue share released in the first semester of 2011.
The funds will be disbursed on August 1, Garcia said.
He said the shares are intended to supplement development projects in health, education, peace and order, and livelihood generation of contiguous local government units (LGUs).
“The SBMA is continuing with its task of attracting more investments. The more investments we generate, the more revenue share we can collect from corporate taxes. And these will be forwarded to neighboring communities of the Subic Bay Freeport,” he said.
According to SBMA treasury department, Olongapo City will receive the biggest chunk of shares with a total of P18.12 million, while Subic, Zambales follows next with P11.05 million.
Dinalupihan in Bataan, with P9.35 million; San Marcelino, Zambales, P9.02 million; Hermosa, Bataan, P7.6 million; San Antonio, Zambales, P6.57 million; Morong, Bataan, P6.44 million; and Castillejos, Zambales, P6.36 million.
The LGU shares are derived from two percent of the five percent corporate taxes paid by Subic Bay Freeport-registered enterprises from January to June this year.
The other three percent of the taxes paid are remitted directly to the national government through the Bureau of Internal Revenue (BIR).
The SBMA has began releasing the shares directly to LGUs after a new tax collection scheme was implemented in August 2010 by the agency to ensure the prompt release of shares to the local communities.
The LGU share is determined according to population (50 percent), land area (50 percent), and equal sharing (25 percent). PNA