House bill reforming real property valuation passed on 2nd reading
MANILA, Philippines – The House of Representatives approved on 2nd reading the Duterte government's 3rd tax reform package that would amend the country's outdated real property valuation system.
Lawmakers approved House Bill (HB) No. 4664 or the Real Property Valuation and Assessment Reform Act on 2nd reading on Tuesday, November 19, through viva voce voting or a vote of ayes and nays. This means the measure will only have to go through a 3rd and final reading before it is transmitted to the Senate.
If passed into law, HB No. 4664 would mandate the government to adopt a market-based Schedule of Market Values to be used as basis for local and national real property taxation.
The bill would also reorganize the Bureau of Local Government Finance (BLGF) and create a Real Property Valuation Service within the BLGF.
House committee on ways and means chairperson Joey Salceda said the proposed law is a "boon to the economy."
"In the short term, it will immediately expand the economy. In the medium term, it will create a stable environment for investment in the property market. In the long term, it will boost the economy further by enabling more public investment in education and infrastructure," said the economist turned Albay 2nd District congressman.
"This is a structural reform with lasting positive impacts on economic expansion. This will be part of the Duterte legacy of laying the foundations for lasting growth," he added.
The House has been prioritizing the passage of tax bills endorsed by the Duterte administration. In September, lawmakers gave their thumbs up to the bill that would simplify the taxes imposed on financial investors.
In August, the bill imposing additional taxes on alcoholic drinks, electronic cigarettes, and vaping products was the first measure approved by the House on 3rd and final reading in the current 18th Congress. – Rappler.com