The Cagayan Economic Zone Authority (CEZA)

The Cagayan Economic Zone Authority (CEZA), operator of the 54,118-hectare Cagayan Special Economic Zone and Freeport (CSEZFP), has remitted to the National Treasury P240.592 million, representing 50 percentage of its 2016 profits.

CEZA public members of the family leader Joyce Marie Calimag stated the 2016 dividend fee is round P6 million greater than the 2015 remittance of P234.296 million which then represented a fifty three-percent growth over the 2014 determine of P152.884 million.

Calimag defined that as a government-owned-and-controlled-organization (GOCC), CEZA is needed to remit at least 50 percent of its annual internet income as cash, inventory or property dividends to the country wide authorities based at the revised implementing policies and policies of Republic Act 7656 or the Dividends Law.

She stated the remittance to the national treasury is on top of the 30-percentage corporate profits tax it paid to the Bureau of Internal Revenue (BIR) and the taxes paid by CEZA locators and different earnings generated via different authorities groups via CEZA-related operations.

Jose Mari Ponce, CEZA administrator and chief executive officer, said the yearly remittance of CEZA to the government has been increasing despite the difficulties the corporation is facing.

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