The rate of two percent (2.4%) per annum shall be imposed on sales not exceeding Four Hundred Thousand Pesos (P 400,000.00) while the rate of one percent (1.2%) per annum shall be imposed on sales in excess of the first Four Hundred Thousand Pesos (P 400,000.00). However, barangays shall have the exclusive power to levy taxes on stores whose gross sales or receipts of the preceding calendar year does not exceed Thirty Thousand Pesos (P30,000.00) subject to existing laws and regulations.
e. On contractors and other independent contractors in accordance with the following schedule:
| Amount of Gross Sales/Receipts
For the Preceding Calendar Year: |
! Tax Per Annum |
|---|---|
| Less than 5,000.00 | 33.28 |
| 5,000.00 or more but less than 10,000.00 | 74.54 |
| 10,000.00 or more but less than 15,000.00 | 126.44 |
| 15,000.00 or more but less than 20,000.00 | 199.65 |
| 20,000.00 or more but less than 30,000.00 | 332.75 |
| 30,000.00 or more but less than 40,000.00 | 465.85 |
| 40,000.00 or more but less than 50,000.00 | 665.50 |
| 50,000.00 or more but less than 75,000.00 | 1,064.80 |
| 75,000.00 or more but less than 100,000.00 | 1,597.20 |
| 100,000.00 or more but less than 150,000.00 | 2,395.80 |
| 150,000.00 or more but less than 200,000.00 | 3,194.40 |
| 200,000.00 or more but less than 250,000.00 | 4,392.30 |
| 250,000.00 or more but less than 300,000.00 | 5,590.20 |
| 300,000.00 or more but less than 400,000.00 | 7,453.60 |
| 400,000.00 or more but less than 500,000.00 | 9,982.50 |
| 500,000.00 or more but less than 750,000.00 | 11,192.50 |
| 750,000.00 or more but less than 1,000,000.00 | 12,402.50 |
| 1,000,000.00 or more but less than 2,000,000.00 | 13,915.00 |
| 2,000,000.00 Or more | At a rate of sixty percent
(60%) of one percent (1%) |
Provided, that in no case shall the tax on gross sales of P2,000,000.00 or more be less than Thirteen Thousand Eight Hundred Pesos (P13,800.00).
For purposes of this section, the tax on multi-year projects undertaken such as general engineering, general building, and specialty contractors shall initially be based on the total contract price, payable in equal annual installments within the project term.
Upon completion of the project, the taxes shall be recomputed on the basis of the gross receipts for the preceding calendar years and the deficiency tax, If there be any, shall be collected as provided in this Code or the excess tax payment shall be refunded.
In cases of projects completed within the year, the tax shall be based upon the contract price and shall be paid upon the issuance of the Mayor’s Permit.
f. On banks and other financial institutions, at the rate of fifty five percent of one percent (55% of 1%) of the gross receipts of the preceding calendar year derived from interest, commissions and discounts from lending activities, income from financial leasing, dividends, rentals on property, and profit from exchange or sale of property, insurance premium. All other income and receipts not herein enumerated shall be excluded in the computation of the tax.
g. On the businesses hereunder enumerated:
1. Cafes, cafeterias, ice cream and other refreshment parlors, restaurants, soda fountain bars, carinderias or food caterers;
2. Amusement places, including places wherein customers thereof actively participate without making bets or wagers, including but not limited to night clubs, or day clubs, cocktail lounges, cabarets or dance halls, karaoke bars, skating rinks, bath houses, swimming pools, exclusive clubs such as country and sports clubs, resorts and other similar places, billiard and pool tables, bowling alleys, circuses, carnivals, merry-go-rounds, roller coasters, ferris wheels, swings, shooting galleries, and other similar
