Sunday, November 21, 2010

Cebu City earns over $11K in taxes from Pacquiao fight

The city government of Cebu in central Philippines is happy to announce that they collected PhP511,664.49 (US$11,700) in taxes in last Sunday's Manny Pacquiao-Antonio Margarito fight.
The city, where the dancing tax collectors come from, scored in amusement taxes and other collectibles from establishments that collected fees for the pay-per-view of the Pacquiao boxing fight, said city tax treasurer Ofelia Oliva on Friday.
Some restaurants imposed entrance fees that ranged between PhP200 and PhP500 (US$4.58-11.44) from its patrons.
Of the half-million-peso collectibles from the 34 pay-per-view restaurants, only PhP352,171.39 (US$8,058) were collected.
Five establishments refused to pay the remaining PhP159,493.10 (US$3,650) tax because the city government had already imposed taxes on the food they served to customers.
However, the city treasurer said that based on the tax code, these establishments that offer amusement must pay 30 percent of their gross income or admission fee.
If they refuse to pay, their business permits will not be renewed on January 2011.
Two of the highest-paying establishments were SM Cebu (PhP192,253.84=US$4,400) and Crown Regency Hotel (PhP125,363.10=US$2,869).
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