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At the beginning of 2022, provisions were introduced into the CIT Act limiting the amount of tax depreciation deductions in real estate companies. According to Article 15(6) of the CIT. ....
(File PNA photo) BAGUIO CITY - The city government has begun a crackdown on the subleasing of stalls in public markets here in a bid to correct violations in the city's tax ordinance. "We are evaluating all the market amnesty applications, which we hope will be finished in March," city treasurer Alex Cabarrubias said in an interview on Wednesday. Cabarrubias said the local government has likewise offered amnesty for those who have sold, subleased, or mortgaged spaces awarded by the city government where they could sell their goods for a fee. He said several stall renters have already availed of the amnesty under Ordinance 68-2001. It can be recalled that the city government discovered that several sellers at the market have been subleasing their space, resulting in skyrocketing costs of rent, which are passed on to the prices of goods they are selling. "This is a violation of the city's Market Code under Tax Ordinance No. 2000-01," he said. The ordinance req ....