Victorias City, Negros Occ. offers prospective investors with endless business opportunities. With its strategic location, facilities and infrastructures, highly – trained labor force and an effective local government, Victorias City is surely an investment haven. Here are some of the possibilities that you may consider:
WHY INVEST IN VICTORIAS?
Incentives & Privileges to Regular Enterprises
In addition to incentives provided by law under the Omnibus Investment Code 1987 (FO 226) and by the Local Government Code of 1991 (RA 7160), a registered enterprise qualified under this code shall enjoy the following tax incentives:
- Exemption from Local Licenses, Permit fees, and charges – within three (3) years from the start of commercial operation, a registered enterprise under this code shall be fully exempt from the Mayor’s permit fees, building permit fees, other fees and charges imposed under the existing City Revenue Code, except for regulatory fee such as:
- Health Certificate Fee
- Sanitary Permit Fee
- Garbage Fee
- Fire Inspection Fee
- Fees on weighs and Insurances
- Exemption from Real Property Tax:
- Full exemption from payment of real property tax for equipment, machines or devices other investments used for pollution control, environmental protection, and fire protection provided they should secure a certification from the DENR.
- One Hundred Percent (100%) of the City share of Real Property Tax Holiday for one (1) year from approval and three (3) years from the start of the commercial operations.
- Lands Classified whether commercial or residential used exclusively for parking purposes shall be exempted from the payment of real property tax for one (1) year, as provided for the Local Government Code for basic RPT. Provided, however that there is necessity for a parking space in the area. Provided further, the mode of construction from the pavement shall meet the standard requirement set by the office of City Planning and Development (CPDO) and shall be conducted within the premises and that all available parking spaces shall be opened to the general public on a first-come-first-served basis. Provided finally, that the CPDO shall promulgate the rule and regulations relative thereto, subject to the approval of the Sangguniang Panlunsod.
- Lots actually used as road lot shall be exempt from Real Property taxes. Provided, that the same shall be open free to the general public.
- On commercial building and improvements-special incentive taxes are hereby given registered enterprises owning and having legal interest therein of newly-constructed commercial buildings or structures built solely or portions thereof for the activities specified in the Priority Investment Areas (IPA), starting upon occupancy or completion of the building whichever comes first, and whose market values fall under the following categories:
- For a period of not more than four (4) years starting from the date of approval of their application, registered enterprises shall be entitled to the following reductions/exemptions in business tax from the gross sales or receipt (Under Section 143 (a) Article 2, Book II, RA 7160) earned or realized during the preceding calendar year.
- First Year – 50% of Gross Sales/Receipts
- Second Year- 30% of Gross Sales/Receipts
- Third Year- 20% of Gross Sales/Receipts
- Fourth Year- 10% of Gross Sales/Receipts
- Fifth Year- Taxable in Full