Reporter
THE DEPARTMENT of Finance (DoF) is pressing Congress to pass the remaining two packages under its comprehensive tax reform program (CTRP), including improving real property valuation and assessment in the country, before President Rodrigo R. Duterte’s term ends.
In a statement, the DoF said it would push the passage of the remaining priority tax bills such as the proposed Real Property Valuation and Assessment Reform Act and Passive Income and Financial Intermediary Taxation Act.
If passed, the first measure will establish a “single valuation base for taxation through the adoption of the schedule of market values of LGUs, and use the updated values as benchmark for other purposes, such as right-of-way acquisition, lease, rental, etc.”