SM seeks tax payment break

SM Prime  Holdings Inc. asked the Cebu City government to credit P17.99-million worth of amusement tax payments to cover their other business taxes.

SM senior vice president Cecilia Patricio said their excess payments of amusement taxes were incurred from Sept. 2, 2009 to June 30, 2010.

“We respectfully submit as attachments herewith copies of the official receipts evidencing payments of the amusement taxes for the period,” said Patricio’s Sept. 13 letter to city treasurer Tessie Camarillo.

In their summary of amusement taxes, SM showed that they paid the city  government P23.2 million from Sept. 2, 2009, to June 30, 2010.

Of the amount, P8.6 million was paid to the city from Sept. 2, 2009, to Feb. 11, 2010.  Additional payment of P14.6 million was made from January to June 2010.

SM management made it a practice to pay P50 million as advance payment for their business taxes for the succeeding year. Any balance is paid during the year. Chief of Reporters Doris C. Bongcac