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2.
Gross Receipts as interpreted by EEI is the total contract price less the
amount paid to the sub-contractor.
Comment:
Gross Receipts as gleaned from its definition in the Local Government
Code excludes only discounts if determinable at the time of sales, sales
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AaEcDS
Local Business tax for current year collections will only be due and
payable the following year on a quarterly basis, starting January 20 up
to October 20, 2010.
Comment:
EEI is applying for a building permit for the construction of the Sunlife
of Canada Building. It is imperative therefore that before issuance of the
requested permit, all obligations due the City for said project should be
fully settled, hence the requirement for payment of the business tax due
from the project. This procedure is in pursuance of Executive Order No.
033 dated July 1, 2005 of the City Mayor.
EEI was, however, given up to January 20, 2010 to settle their tax
obligation.
EEI was further assured that they can request for a tax credit of any
excess payment in the event that the Contract has not (sic) materialized
and/or full payment has not (sic) been satisfied subject to examination
of their financial records to verify the veracity of their claim.
In addition with the above comments of the City Treasurer, this Bureau
expresses the following views:
Gross Sales/Receipts
It is emphasized that the term "gross receipts", as applied to contractors, would
be the total amount of service fees, including the amount charged or materials (parts
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of the things to be constructed) supplied with the service, and advance payments or
deposits actually or constructively received during the taxable year. Such part of the
contract price or those payments or deposits which are not actually or constructively
received by the contractor during the taxable year and materials or equipment that do
not form part of the things to be constructed although they were supplied during the
said year shall be excluded from the tax base.
DAaEIc