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From Charissa Luci-Atienza
The 1-CARE party representative, Carlos Roman Uybarreta, proposes to grant a tax break to businesses and cash grants to households in Boracay and neighboring municipalities of Malay and Caticlan.
He introduced Bill 8537, highlighting the serious consequences of the resort's island closure for six months for families, businesses and the local Boracay economy.
HB 8537 provides for a non-recurring extraordinary operating loss deduction, equivalent to fifty percent of the audited operating losses incurred in the 2018 taxation year, for corporations, owners, partnerships and cooperatives physically established and operating in Boracay.
"The financial health of businesses, employees and residents of Boracay will certainly be in trouble this year and in 2019. Their urgent tax relief will relieve their suffering," said Uybarreta.
In addition to tax relief, the bill provides cash grants to residents of Boracay and the municipalities of Malay and Caticlan.
Under the Closing Assistance for Cleansing Facilities and Proposed Environmental Sustainability Law in Boracay, the Department of Social Welfare and Development (DSWD) will extend the granting of a grant. monthly special of an amount equal to: P700 for each household member of families already enrolled in the DSWD Pantawid Pamilyang Pilipino (4Ps) program; and P500 for each household member of non-DSWD 4P families, but whose income is derived solely from the monthly compensation income of less than PK 20,000.
According to the bill, funding for Pantawid cash grants will come from the President's Social Fund, 1% of the lottery proceeds from the Philippine Competition Office, and taxes levied by the national government for the purposes of the law of the Republic. Republic No. 10963.
HB 8537 also aims to establish a Boracay Ecological Sustainability Fund, jointly administered by a Board consisting of the Secretary of Tourism, the Secretary of the Environment and Natural Resources, the General Managers of the Barangays of Boracay Island and the municipalities of Malay and Caticlan. from Aklan Province and representatives of the local business and civil society sectors.
The fund will partially fund the Boracay-Malay-Caticlan Sustainable Master Plan, developed and approved by the Fund Board.
Funding for the Boracay Ecological Sustainability Fund must come from a Boracay Sustainability Tax of 20, payable by each passenger of the airlines and passenger ships traveling to and from Boracay, Caticlan or from Malay.
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