MP sets discount for early tax payers

By Juliet B. Saley

 BONTOC, Mountain Province – Real property taxpayers in the province were urged to pay income tax for calendar year 2016 before January 1 to avail of 20 percent discount.

Taxpayers who pay their full real property taxes before Jan. 1, 2016 are entitled to a 20% discount.  Those   who pay their taxes promptly within the prescribed period of payment shall be entitled to a 10% discount of the total current tax.

Aside from paying 1% basic real property tax, taxpayers are also required to pay the additional 1% special education fund tax.

In the notice issued by Provincial Treasurer Cawed Gamonnac, real property taxpayers are given the option to pay their tax in full or in four   equal installments without interest, provided, that payments are made within the allowed period.

 For the first installment, payment of tax shall be made on or before March 31, 2016; second installment is on or before June 30, 2016; third installment is on or before September 30, 2016; and fourth installment is on or before December 31, 2016.

Taxpayers who fail to pay their taxes on or before the prescribed period of payment shall be charged 2%  interest of the amount of delinquent tax for each month of delinquency until the tax has been fully paid, but not to exceed 36 months.