SECTOR: Economy
SONA YEAR: 2022
Pass Tax Package 3
PROMISE STATUS - DATE: In progress as of 07/17/2023
- On Dec. 11, 2022, the House of Representatives approved HB 6558 or the Real Property Valuation and Assessment Reform Act (RPVAR), the third package of the government’s Comprehensive Tax Reform Program (CTRP) and a LEDAC-priority measure.
- The Senate, however, has yet to pass RPVAR. Joint hearings on SB 314, 693, 897, 1018, 1473, and HB 6558 were held on March 9 by the committees on Ways and Means and Local Government and Finance.
- The RPVAR Act mandates the DoF Bureau of Local Government Finance to “develop, adopt, maintain and implement uniform valuation standards which shall be used by all appraisers and assessors in the LGUs and other concerned parties in the appraisal or valuation of lands, buildings, machinery and other real properties for taxation and other purposes.”
- Albay Rep. Joey Salceda, who authored HB 54, said the bill will “address the issues plaguing the current valuation and assessment system in the country, to maximize and optimize local revenue generation and ultimately, to achieve the avowed goal of the LGC [Local Government Code] to make LGUs become genuine partners towards national development and progress.”