Logo

01 日 マニラ

31°C24°C
両替レート
¥10,000=P3,830
$100=P5,540

01 日 マニラ

31°C24°C
両替レート
¥10,000=P3,830
$100=P5,540

Real property tax to boost LGUs’ revenue generation capacity

2022/10/26 英字

The Department of Finance (DOF) advised local government units (LGUs) to strengthen their revenue mobilization capacities through real property tax collections in order to support the country’s economic resurgence.

“Real property tax offers a progressive source of revenue for LGUs. This is strengthened by a credible real property valuation system in improving the government's revenue generation capacity,” said Secretary Benjamin Diokno during the Bureau of Local Government Finance (BLGF) Anniversary Seminar: Comparative Analysis of Property Tax in Selected Southeast Asian Countries on October 25.

The BLGF seminar aims to exhibit best tax administration practices in Southeast Asia, introduce new technologies for local governments, and enlighten LGUs on the prospects of real property tax and valuation reforms.

The DOF, through the BLGF, monitors the timely updating of the real property tax base and rates of LGUs. Recommendations to maximize real property collections stem from its findings on the inaccurate representation of economic gains from the property sector.

Despite the sector’s growth, the valuations indicated in LGUs’ schedules of market values (SMVs) are at record lows.

To address this, the DOF supports the passage of the Real Property Valuation and Assessment Reform bill, which aims to promote the development of a just, equitable, and efficient real property valuation system that will positively impact revenue generation and resource mobilization performance of LGUs. The bill is the third package under the previous administration’s Comprehensive Tax Reform Program (CTRP).

Lastly, Diokno reiterated his call for digitalization and commended LGUs that were able to digitalize treasury and assessment operations through electronic payments and implement real estate and geographic systems to enhance real property tax collections. He also took the opportunity to encourage local assessors to do the same for the smooth delivery of services.

“In the new normal, we need to make sure that our fiscal position is stable enough to enhance our healthcare system, endure economic shocks, and continue to improve our public services through digitalization,” Diokno said in closing. DOF Communications Division

おすすめ記事

Navy refutes reports of combat readiness patrols by China around Scarborough

2025/6/1 英字 無料
無料

US stresses need to be vigilant in Indo-Pacific

2025/6/1 英字 無料
無料

Philippines deepens defense ties with Singapore, Australia at Shangri-La Dialogue

2025/6/1 英字 無料
無料

VP Duterte not prioritizing reconciliation with Marcos

2025/6/1 英字 無料
無料

DOH confirms only milder Clade II Monkey pox variant in the Philippines

2025/6/1 英字 無料
無料

Around P57 million amount of damaged crops and more than P225,000 damaged properties were recorded in a tornado that hit several barangays in Tupi, South Cotabato on Thursday afternoon.

2025/6/1 英字 無料
無料