BE IT ORDAINED by the Sangguniang Bayan of Catarman, Camiguin, assembled that:
ARTICLE I
TITLE, MUNICIPAL POLICY AND DEFINITION OF TERMS
Section 1. Title- This ordinance shall be known as “An ordinance declaring and providing for a five (5)-year tax holiday for fresh investment of new investors establishing business in the Municipality of Catarman, Camiguin.
Section 2. Declaration of Policy – It is a declared policy of the Municipality of Catarman:
a. To fully support and catalyze the promotion, advancement and wholesome development of the local economy where new and fresh investment on commerce, trade and agri-fishery business relative to the growth of the local tourism industry played a vital and greater role for the realization f the municipal vision.
Section 3. Definition of terms:
a. New investor(s) – all persons, natural or juridical, investing no less than P500,000.00 for tourism-related business in the Municipality of Catarman;
b. Tax holiday - a local tax exemption for five (5) years to be granted to new permanent investor on tourism related business to be established in Catarman, from the start of the business;
c. Commerce and trade - refers to any tourism-related business including marketing and production;
d. Agri-fishery investment - refers to the production of agricultural crops and operations for commercial fishing venture.
ARTICLE II
DECLARATION OF TAX HOLIDAY
Section 4. All new permanent investors on tourism-related business including commerce, trade and agri-fishery ventures with an initial capital of P500,000.00 or more shall be granted a tax holiday for five (5) years for all local tax from the start of the enterprise. Provided however, that local permits necessary for its establishment shall be paid and payment satisfied to the Office of the Municipal and Barangay Treasurer where the business is to be established.
Non-permanent establishments/businesses, peddlers, side-walked vendors shall not be covered by the provisions of this ordinance.
ARTICLE III
RIGHTS OF NEW INVESTORS
Section 5. - All new investors/establishments referred to in this ordinance shall have the following rights:
a. To request assistance from any local office for information, records, documents and other materials necessary to the establishment of his/her business;
b. To have access to documents and records necessary for the preparation of the feasibility study relative to his/her investments;
c. Right to be assisted by the local officials for whatever need vital for his/her new venture.
ARTICLE IV
IMPLEMENTING RULES
Section 6. For the purpose of implementing this ordinance, the Office of the Municipal Mayor shall formulate and issue the implementing rules with the assistance of the Municipal Planning and Development Coordinator (MPDC), Chairman of the SB Committee on Appropriation & Finance and Committee on Municipal Economic & Development.
ARTICLE V
SEPARABILITY CLAUSE AND REPEALING CLAUSE
Section 7. Separability Clause - If for any valid reason(s) any provision or part of this ordinance found to be invalid and/or unconstitutional all other provisions not affected shall continue to be in fill force and effect.
Section 8. Repealing Clause – All other ordinance(s) and issuance(s) with the provisions inconsistent with this ordinance are hereby repealed and/or modified accordingly.
ARTICLE VI
EFFECTIVITY
Section 9. This ordinance shall take effect immediately upon approval and after complying the requirements prescribed under R.A. 7160 and other applicable laws.
ADOPTED this 19th day of July 2004.
APPROVED: July 19, 2004
ATTESTED:
CLEMENTE E. TORRO
APPROVED:
MARVE G. RODRIGUEZ
THOMPSON I. BABAEL
CLAUDIA E. MAISO
WILFREDO R. ABREGANA
LIBRADO B. ABESAMIS
ISIDRO E. DABLO
OLIMPIO A. JADMAN
BERNARDO B. BORRES
GILBERTO G. LOQUIAS
GRACE NIEVES B. VELOSO