Comprehensive property valuation reform – BusinessWorld Online



Through Beatrice M. Laforga, Journalist

THE DEPARTMENT of Finance (DoF) urges Congress to adopt the last two packages as part of its Comprehensive Tax Reform Program (CTRP), including improving the appraisal and valuation of real estate in the country, before the end of the term of President Rodrigo R. Duterte.

In a statement, the DoF said it would push for the passage of the remaining priority bills, such as the Real Estate Valuation and Valuation Reform Act and the Passive Income and Tax Act. financial intermediaries.

If adopted, the FiThe first measure will establish a “single valuation basis for taxation by adopting the LGU market value scale, and use the updated values ​​as a benchmark for other purposes, such as acquiring right of way, rental, rental, etc. ”.

The House of Representatives adopted its version of the bill at third reading in November 2019, while the Senate version is still pending at committee level.

The Passive Income Bill, which aims to simplify the tax structure of financial instruments, was approved by the House in September 2019 but remains at the Senate committee level.

The government has less than two years to adopt these two measures, as well as reforms on mining taxation and the law on the tax on road users. Mr. Duterte will step down at the end of June 2022.

“As far as possible, we want to complete all CTRP packages,” Deputy Finance Secretary Maria Teresa S. Habitan said on Monday via Viber.

She said the DoF is also pushing for the passage of a bill that will reform the retirement system for retired military and uniformed personnel, as well as the proposed law on unified government financial institutions initiatives for military personnel. companies in difficulty for economic recovery (GUIDE).

The Treasury Office (BTr) warned that the debts expected for the military could skyrocket to 96 trillion pesos if the automatic indexation of pension levels with the salaries of active-duty staff was not interrupted. Suspending indexation can bring costs down to 3 trillion PPP.

The DoF said it would support the adoption of amendments to the Civil Service Law and the Retail Trade Liberalization Law; the invoice for warehouse receipts; and a law transforming the Insurance Commission into a collegial body.

Albay Rep. Jose Maria Clemente S. Salceda told the House Ways and Means Committee that he chiefs, should tackle the remaining CTRP measures.

“I don’t believe this administration will have a lame duck phase, unlike other administrations. The popularity of President Duterte is not waning. Moreover, we adopted “sin” taxes on tobacco in 2019 literally during the lame duck session of the 17th.e Congress. In short, don’t forget the rest of the tax reform. I am personally ready to switch to bicam on both at any time, ”Salceda said in a Viber message on Sunday.

Meanwhile, Senate Speaker Vicente C. Sotto III said senators were waiting for the Legislative Executive Development Advisory Council to inform them of the remaining CTRP measures.


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