Davao City (25 January) -- The city government expects to generate some P500 million more in taxes once the revised tax code will be approved.

This was learned from Vice Mayor Luis Bonguyan who told reporters yesterday that there will be increases in fees and other taxes once the amendments are implemented.

He said the revised tax code is now on its second reading, saying they are currently looking at page 33 in their deliberation of 135 pages.

"We need three more meetings to come up with the revised tax code," he said.

He said they wanted the proceedings transparent and their deliberations as cautious as possible.

The council's finance committee chairperson, Atty. Diosdado Mahipus, cited some important points on the revised tax code.

He said that the current rate on real property tax (RPT) of 1 1/8 percent will be raised to 1.5 percent under the revised tax code.

He said the 1.5 percent is still below the level provided under the local government code.

Mahipus also said that they included as taxable the utilization of national wealth.

He said they are looking at additional taxes from big corporations like the National Power Corporation and the Davao City Water District for tapping the city's natural resources.

Mahipus likewise said they are contemplating additional taxes and penalties on owners of idle lands.

"These are speculators and absentee landlords who are now residing in either America or Europe," he said.

He said the lands are idle because nobody was left to take care of them.

"Although these idle lands are only few, we want the owners to introduce something like planting of trees and keep them clean," he said.