MANILA, Philippines–Real estate property owners should declare their newly acquired assets in 60 days or face a fine.
Mayor Herbert Bautista recently signed into law an ordinance imposing a penalty on those who fail to file a sworn statement in the city assessor’s office within 60 days of buying a piece of land in the city. They should also do so if a house or a building is constructed and other improvements are made on their property.
Those who fail to comply with the requirement would be fined P2,000. Councilor Victor Ferrer, the author of the ordinance, said the imposition of a penalty was necessary because “despite a notice [from] the Office of the Assessor, many real property owners in the city continue to ignore, disregard or forget the responsibility of declaring and filing sworn statements and other documents necessary to issue and cancel tax declarations.”
This results in inaccuracies in property and ownership records, affecting assessment operations, Ferrer added. The ordinance was passed on third and final reading on Dec. 15 and signed into law eight days later.