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Bilyonaryo - Business

LGUs to receive P871.38 billion in national tax allotment for 2024 – DBM

  • June 16, 2023
  • Bilyonaryo.com
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The indicative national tax allotment (NTA) shares of local government units (LGUs) for 2024 is pegged at P871.38 billion, according to the Department of Budget and Management (DBM).

In a statement, the DBM said it has released the guidelines on the preparation of the 2024 annual budgets of LGUs.

The 2024 NTA level is P51.11 billion or 6.23 percent higher than the 2023 NTA shares of LGUs.

According to a DBM memorandum, municipalities are entitled to an NTA share of P295.47 billion, cities with P201.22 billion, provinces with P200.42 billion, and barangays with P174.28 billion.

“The NTA and other local resources shall first cover the cost of providing the basic services and facilities enumerated in Section 17 (b) of the Local Government Code of 1991, particularly those devolved by the national government, before applying the same for other purposes,” the DBM said.

All LGUs are likewise reminded to appropriate funds in its annual budget no less than 20 percent of its NTA share for development projects, which is commonly known as the 20 percent Development Fund, and to allocate funds for programs, projects and activities as mandated by pertinent laws.

  • Related News Tags: Department of Budget and Management (DBM), national tax allotment (NTA), tax

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