June 13, 2024, 4:32 pmPresident Ferdinand Marcos Jr. on Thursday signed into law the Real Property Valuation and Assessment Reform Act , which aims to standardize the country’s valuation of real property.
A key priority in his administration’s legislative agenda aligned with the 8-Point Socioeconomic Agenda, the President led the ceremonial signing of the measure inside Malacañang Palace. “This new law is necessary to enhance the country’s tax collection system, generate revenues, create jobs, and attract investments. No longer will we rely on the outdated valuation system,” Mr. Marcos said.
Republic Act 12001 or the RPVARA aims to standardize real property appraisal with international standards and use prevailing market value for tax assessment.“At the heart of this new law, we have adopted a strategy that will instill and encourage long-term and consistent tax compliance by providing a two-year amnesty on interests and penalties for taxpayers with unpaid real property tax,” Marcos said.
To encourage tax compliance, the administration will offer a two-year amnesty on interests and penalties for unpaid real property taxes.
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