NextGen Day

The local city administration anticipates a PHP300 million decrease in its national revenue share in 2023.

“The Internal Revenue Allotment (IRA), according to the DBM (Department of Budget and Management), will be reduced by PHP300 million. There is no exact estimate for the local income for the coming year, but the IRA will decrease by PHP300 million, said Jerry Treas, the mayor of Iloilo City, at a press conference on Monday.

According to Section 284 of the Local Government Code, the third fiscal year before the current fiscal year’s collection is the basis for calculating the local government’s portion of the national internal revenue taxes.

The mayor said that the health pandemic in 2020 and 2021 impacted collection.

He said that the low share would impact part of the city government’s allocations.

According to him, one of the first things that will likely change is the allowances given to employees and officials of national government agencies.

According to Treas, the police, judges, prosecutors, and teachers all receive assistance from the local government.

In its 2022 Executive Budget, the IRA is projected to be PHP1,607,980,950, up 14% from the projected amount of PHP1,217,209,871 for this year.

The budget for this year, PHP3,083 billion, is made up of 0.57 percent from the economic zone share, 47.28 percent from local revenues and income, and 42.15 percent from the National Tax Allotment (NTA).

Nevertheless, he added, there hasn’t yet been a report on the suggested annual budget for 2019.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---