THE Senate Ways and Means Committee on Thursday opened deliberations on the third key component of the multi-package tax reform program, this time focused on updating the property valuation system to bolster national government revenues and local.
Senator Pia S. Cayetano, chair of the panel, convened the public hearing on real estate appraisal and appraisal reform with the aim of engaging stakeholders in government and the private sector to consider the problems that interfere with the system.
The updated system includes Package 3 of the Duterte Administration’s Comprehensive Tax Reform Program.
Summarizing the problems, she said, âthis proposed reform package, which is part of the comprehensive tax reform package, is intended to solveâ the problems of valuation and valuation of real estate.
She then listed them as: cost overruns and revenue losses due to local assessments used; multiple overlapping assessment of different government agencies; and the lack of a comprehensive electronic real estate database;
Package 3 proposes, among other things, to adopt internationally accepted real estate valuation standards and streamline the valuation process, establish a single valuation basis for taxation, and for the LGU to continue to set, adjust and regulate tax rates and valuation levels.
âSo I wanted to emphasize this last point because at the beginning of 2019, when the whole package was presented – the first concerns I received, because we heard all of this in passing – the first reactions focused on the LGU’s sense of control over this. “
âSo I point out that, on the basis of Package 3, the LGU will continue to define, adjust and regulate tax rates and assessment levels.
Cayetano put the following bills on the panel’s agenda: Senate Bill 246 introduced by Senator Panfilo Lacson; Senate Bill 519 by Senator Miguel Zubiri; Senate Bill 894 by Senator Ramon Revilla Jr., and House Bill 4664.
âSo basically, obviously, like any tax revenue measure, there are issues surrounding them, there are people who support and there are those who don’t,â Cayetano said.
“So we’re going to dive into the questions surrounding this topic, but basically we want to start by hearing the government on the administration side explain why this is necessary, why it is a priority and why we need to take the time to work.” on that in the months that remain to us.