Issue of January 6, 2019
     
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FEF backs property valuation reforms
by DOF release

The Foundation for Economic Freedom has given its full support to the proposed reforms in the property valuation system under the Duterte administration’s comprehensive tax reform program (CTRP) as these will help upgrade the financial self-sufficiency of local government units.

Such reforms, which comprise Package 3 of the CTRP, will help strengthen local autonomy, the FEF said.

Package 3, which is revenue neutral for the national government, will not create new taxes but would improve real property tax collection for the benefit of LGUs.

“The main objective of Package 3 is to develop and maintain an equitable and efficient real property valuation system,” the FEF said in a statement.

“It will address the present problem of multiple, overlapping valuations through the adoption of a uniform valuation standard and establishment of a single valuation base for taxation purposes.”

Package 3 was approved by the House of Representatives on Nov. 12, 2018 and has been transmitted to the Senate. The Senate Committee on Ways and Means held one hearing on SB 44 authored by Sen. Ping Lacson, which reflects the DOF proposal.

According to FEF, the CTRP package, which seeks to install a uniform land valuation standard nationwide, mandates “the BLGF to develop and maintain implementation of uniform valuation standards in compliance with international best practices under the Department of Finance oversight while assessment levels and tax setting will remain a function of the sanggunian of the LGUs.”

“Separating valuation from political bodies will also ensure that the practice is free from undue politicization,” it added.

The FEF pointed out that “conflicting land values set by LGUs has resulted in right-of-way compensation problems, which, in turn, have delayed the implementation of infrastructure projects and padded their costs for the government.”

Package 3, it said, will also ensure timely updating of the Schedule of Market Values (SMV).

Only 38.8 percent of LGUs and half of Regional Development Offices have updated SMVs, the FEF said.

“Outdated and below market valuation mean foregone government revenues from property ownership and conveyances,” it noted.

Another reform proposed in Package 3 is the setting up of an electronic database on real property, which will ensure transparency and accessibility of data, the FEF said.

According to FEF, real property taxes contribute, on average, around 31 percent of the LGUs local source of income.

“The proposed reform will increase government revenues and at the same time increase local autonomy as it will improve LGU financial self-sufficiency,” it said.

 
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BUSINESS
Mayor thanks taxpayers for promptly paying their dues

Sagada partners w/ private inns, homestays in info dissemination

Cordillera fish production up by 12 percent via aquaculture

PDIC raises P72.1 M from sale of assets thru public bidding

DOE to oil players: 2nd tranche of excise not for 2018 oil stocks

Furniture makers eye local, high-end niche markets abroad

Japan remains top ODA source in 2018

Unemployment rate down by 4 percent – PSA 2018 report

EU limits use of 33 harmful substances in textile trade

MSMEs told to explore global halal market

Logistics players seek review of accreditation requirements

Solar panels owners told to follow rules to ensure safety


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