SANTA ANA, Cagayan: A Cagayan Valley-based government-owned and -controlled corporation (GOCC) recently remitted P129.7 million to the National Treasury, the Bureau of Internal Revenue (BIR) said in a report.
Cagayan Economic Zone Authority (CEZA) officials said the P129.9 million is on top of the P200 million that CEZA also remitted to the national treasury as the government’s dividend share for 2014.
CEZA public relations chief Joyce Marie Calimag said that among the top 500 non-individual taxpayers for taxable year 2014, CEZA is No. 285 in terms of the amount of remittance and No. 9 among the GOCCs in the top taxpayers list.
Calimag said the contribution to the national coffer is also on top of hundreds of millions of pesos in taxes paid by CEZA locators, and other income generated by other government agencies through CEZA-related operations.
CEZA is the only non-individual taxpayer in the Revenue District Office No. 13 of the provinces of Cagayan and Batanes in the top 500 list.
“Again, this tells so much about CEZA’s positive performance and significance as a government entity and we are just so happy of this great milestone,” Calimag said.
CEZA remitted P88 million to the national government in 2006-2012, and P100 million in 2013. In 2012, CEZA was among the top 40 GOCCs that remitted cash to the government which has 158 active public corporations.
CEZA Administrator Jose Mari Ponce said CEZA pays the 30-percent corporate income tax to the BIR while 50-percent of its net income is remitted to the National Treasury as dividends.
“In line with Republic Act 7656, a GOCC is required to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the National Government,” Ponce said.
“CEZA is now considered as the catalyst for growth and economic development in Northern Philippines, particularly the Cagayan Valley region,” Ponce said.
CEZA was created under Republic Act 7922 or the Cagayan Special Economic Zone Act of 1995, signed by then President Fidel V. 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.