The Subic Bay Metropolitan Authority (SBMA) has released PHP147.13 million, representing the first-semester 2018 revenue shares of local government units (LGUs) contiguous to the Subic Bay Freeport Zone.
SBMA chairman & administrator Wilma T. Eisma distributed the individual checks for the LGU shares during a meeting Wednesday with mayors and municipal treasurers at the Fortune Restaurant here.
The biggest share went to Olongapo City at PHP34,356,210; followed by Subic, Zambales with PHP22,438,000; Dinalupihan, Bataan with PHP18,317,950 and San Marcelino, Zambales with PHP17,652,452.
Next came Hermosa, Bataan with PHP15,292,064; Castillejos, Zambales with PHP13,656,489; Morong, Bataan with PHP12,776,665 and San Antonio, Zambales with PHP12,664,679.
Eisma said the latest releases brought the cumulative LGU shares distributed by the SBMA in the last eight years to a total of PHP1,649,947,885.
This means an average release of PHP206.24 million every year to the eight LGUs covered by the benefit, taken from the 5-percent tax paid by enterprises registered in the Subic Bay Freeport Zone.
Eisma said the SBMA began directly releasing the shares to LGUs in 2010.
Before this, Subic business locators paid their 5-percent corporate tax to the BIR, which remits payments to the national treasury. Then, the Department of Budget Management released the 2 percent share to the LGUs concerned.
Under Republic Act 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-percent tax on their gross income earned within the zone.
The corporate taxes are remitted as follows: 3 percent to the national government and 2 percent to the SBMA for distribution to LGUs affected by the declaration of, and contiguous to the zone.
Meanwhile, the 2-percent share is divided according to population (50 percent), land area (25 percent), and equal sharing (25 percent). (PNA)
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