House OKs bill reforming real property valuation system
MANILA, Philippines — The House of Representatives has approved on third and final reading the third package of the Duterte administration’s tax reform program which will amend the country’s real property valuation system.
With 224 affirmative votes, seven negative votes and one abstention, the House approved House Bill No. 4664 on Monday.
The bill aims to establish a single valuation base for taxation, through the adoption of the Schedule of Market Values (SMVs) of local government units (LGUs), and use the updated values as the benchmark for other purposes, such as lease, rental, acquisition, and right-of-way (ROW) claims.
The bill would also re-organize the Bureau of Local Government Finance (BLGF) and create a Real Property Valuation Service within the BLGF.
After its final approval in the House, the bill will then be transmitted to the Senate for deliberations.
The House has been prioritizing the approval of bills under the Duterte administration’s Comprehensive Tax Reform Program (CARP).
In August, the bill that will gradually increase excise tax rates on liquor and heated tobacco and vapor products. This the proposed measure approved on third and final reading in the current 18th Congress.
In September, the chamber approved the bill that would simplify taxes on capital income and financial services, which is the fourth package of the CARP.
Tags: House of Representatives, third reading, final reading, real property valuation, 3rd package, Duterte administration tax reform program,