Makati exceeds 2023 tax target

Makati City surpassed its 2023 revenue target by 13 percent, with a 41-percent increase in business tax collection during the third quarter of the year.

Based on the latest report from the Office of the City Treasurer, Makati City collected a total of P20,051,906,452.22 as of Sept. 30, marking a 21-percent increase from the corresponding period last year.

The Business Permit and Licensing Office reported 3,791 new businesses registered and 35,440 renewed business permits as of end-September.

READ: Makati hits 95% of 2023 target revenue in midyear

These new enterprises contributed a total of P25.47 billion in capital investments, while the total gross sales of existing businesses reached an impressive P1.65 trillion in the third quarter.

“It is gratifying to see how fast businesses in the city are recovering and how investor confidence has rebounded in the past months,” said Mayor Abby Binay. —RUSSEL P. LORETO