Photos from: Rotary Club of Makati Central
Makati City – The Bureau of Local Government Finance (BLGF) Officer-in-Charge (OIC) Executive Director Ma. Pamela P. Quizon, through the invitation of former Senator Joey D. Lina, attended the Meeting of the Rotary Club of Makati Central on 27 January 2023 at the New World Makati, Makati City, and discussed the Comprehensive Tax Reform Program on the proposed Real Property Valuation and Assessment Reform.
OIC Executive Director Quizon solicited the support of the members and business owners of the Rotary Club of Makati Central and Alabang Centerpoint on the RPVAR’s vision for a harmonious, consistent, efficient, and equitable property valuation towards improved governance, transparency, and trust.
“Under the RPVAR, there shall be a single real property valuation base for taxation and benchmarking of other government agencies. RPVAR improves the valuation of real property so that stakeholders can unlock the potential of their assets and helps accelerate infrastructure projects using a common valuation standard to ensure that the Schedule of Market Values (SMVs) are reliable and in accordance with internationally accepted valuation standards”, OIC Executive Director Quizon said.
RPVAR features transparency and accountability through the separation of valuation from taxation purposes and ensuring accurate and updated SMVs every three (3) years by creating an electronic database, forming central and regional consultative committees, penal revisions, and taxpayer’s remedy to appeal to the Local Board of Assessment Appeals (LBAA).
Director Quizon underscored the RPVAR key benefits which are the enhanced technical cooperation between national and local governments, more efficient rollout of infrastructure projects due to minimized valuation disputes, and improved investor’s confidence and public trust in government’s valuation.
The proposed RPVAR is one of the priority bills of the Marcos administration, which was approved in the third and final reading on 12 December 2022 at the House of Representatives.