NEWS BRIEFS

P4.2-M TAX ERROR

THE Cebu City government will have to return P4.2 million in business tax, which was erroneously paid by an insurance company.

The city government agreed to return the amount to the Philippine AXA Life Insurance Corp., a domestic corporation in Cebu City.

With this development, AXA Life also agreed to set aside the case it filed against the City Treasurer of Cebu City.

Regional Trial Court Judge Estela Alma Singco of Branch 12 approved the compromise agreement by both parties.

In its petition, AXA Life sought the refund of over P4.2 million that the company erroneously paid as business tax to the city.

For calendar year 2007, AXA Life received the amount of P864,544,075.07 as premium from its variable contracts.

The amount was included in the total of P904,793,173.08, which was used as a taxable base of the amount erroneously paid to the city. Reporter ADOR VINCENT S. MAYOL

CIRCUMFERENTIAL ROAD

LAPU-LAPU City Mayor Paz Radaza preferred to implement the rehabilitation of the circumferential road than the construction of the flyover before the first Mandaue-Lapu-Lapu bridge.

Radaza said she wasn’t worried that the flyover project wouldn’t push through because it had yet to undergo a thorough study by the Department of Public Works and Highways.

With the P300-million budget already allocated for the circumferential road project, she said the project would start next year.

The project is a 30-meter-wide road with six lanes in barangays Ibo and Buaya.

“The city will be responsible for the acquisition of affected lots for the widening. We have P15-million budget for that, and the P300 million will be for the asphalting and other related structures,” said Radaza.

She said that the project would start at the northern part of the city as there would be lots of businesses expected to set up in these areas. /Correspondents Fe Marie Dumaboc and Norman Mendoza