Makati City– The Bureau of Local Government Finance (BLGF) Officer-in-Charge (OIC) Executive Director Ma. Pamela P. Quizon shared her expertise and insights on local tax updates and valuation reforms during the SGV GCR Tax Compliance Congress held virtually on 02 February 2023 in Makati City.
OIC Executive Director Ma. Pamela P. Quizon discussed the updates on the setting of revenue targets and the Proposed Real Property Tax Valuation and Assessment Reform.
The BLGF target-setting process covers the four (4) key local revenue sources, namely real property tax, business tax, fees and charges, and receipts/income from local economic enterprises.
Director Quizon also underscored the Proposed Real Property Tax Valuation and Assessment Reform as one of the priority bills of the Marcos administration, and its importance to the business sector, economy, policymaking and nation-building.
“RPVAR will improve the valuation of real property, help accelerate the completion of infrastructure projects, and increase the income potential of local governments to improve public services”, Director Quizon said.
House Bill No. 6558 was approved in the third and final reading on 12 December 2022 in the 19th Congress of the House of Representatives which seeks to provide transparency and accountability through developing a single valuation base for taxation and benchmark for other purposes, regular updating and depoliticization of valuation, and comprehensive electronic database.
The said congress, with the theme “Adapting to the Changing Tax Compliance Environment”, aims to strengthen the #SGVTaxVision campaign, enabling internal stakeholders and clients to be updated on the emerging developments of Philippine taxation.