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Lawmakers to tackle bills seeking to ease limits on ownership
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Top business groups press Congress on 17 reform bills
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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.”
Published December 28, 2020, 5:30 AM
The Department of Finance (DOF) said the country’s economic recovery is “not smooth” due to continued restrictions that dampened consumer and investor sentiment.
In his latest economic bulletin, Finance Undersecretary and Chief Economist Gil S. Beltran explained that consumers and investors will be hesitant about spending as long as movement restrictions are in place.
Finance Undersecretary Gil S. Beltran
Citing recent data on merchandise trade and manufacturing purchasing managers’ index (PMI), Beltran noted that the country’s economic recovery is “not smooth” based on August, September and October indicators.
Total merchandise trade declined at a much slower pace in September at 8.2 percent from 17.9 percent in August. However, it failed to sustain this downward trend after it deepened again to 12.8 percent in October.