The Muntinlupa City government encouraged the public to avail of the real property tax amnesty being offered under Republic Act 12001. The law, otherwise known as the Real Property Valuation and Assessment Reform Act, approved in June last year, stated that the amnesty will “cover penalties,...
With more than ₱50 billion in revenues being forgone due to the non-imposition of top-up taxes on large multinational enterprises (MNEs) in the Philippines, the Department of Finance (DOF) is eyeing to slap “very large” corporations with such a levy to contain the flight of potential tax...
ILOILO CITY — Militant groups have opposed the 300-percent real property tax (RPT) increase in this city. They called the move “unjust” and “anti-poor” during a rally on Tuesday, Sept. 2, at Plazoleta Gay, at the heart of the old business district here. They claimed that 519 local...
While final details of the general tax amnesty eyed for enactment this year are still being ironed out, the Department of Finance (DOF) disclosed that the measure will likely cover taxable years 2007 to 2024, resuming from the last time a similar law was implemented, which raked in billions of...
ILOILO CITY – Former Finance Secretary Jesus “Jess” Estanislao suggested a gradual implementation of the 300 percent hike in real property tax (RPT) here. “The way it is implemented, I would structure it is that it would not be 300 percent in one year,” Estanislao said. “It could be...
ILOILO CITY — After taking the Iloilo City government to the Supreme Court (SC), the Riverside Group of Companies warned that excessive hike in real property tax (RPT) is destructive to the economy. “It will run Iloilo City’s economy to the ground,” warned Atty. Martin Pison, stockholder...
ILOILO CITY – A petition has been filed before the Supreme Court (SC) questioning the Iloilo City government’s astronomical 300 percent real property tax (RPT) increase that the past and present Treñas administrations are pushing for full implementation by 2026. The Riverside Group of...
ILOILO CITY — After Mayor Raisa Treñas-Chu publicly lashed out, the Philippine Statistics Authority (PSA) in Western Visayas retracted its analysis while blaming the media for alleged wrong reporting on the impact of real property tax (RPT) tax hike on inflation. The PSA-6’s change of tone...
Makati City Mayor Nancy Binay on Tuesday, Aug. 19, signed an ordinance that will provide immediate tax relief to residents and businesses affected by severe flooding from July 21 to 25. City Ordinance No. 2025-A-001, enacted by the Sangguniang Panlungsod on Monday, Aug. 11, waives penalties,...
While the previous administration warned that imposing a “wealth tax” on the rich could trigger capital flight and tax avoidance, Finance Secretary Ralph G. Recto—the chief economic manager of the Marcos Jr. administration—said he would support Congress if it proposes such a measure. “Let...
ILOILO CITY—Neophyte Mayor Raisa Treñas-Chu was irked as she defended the 300 percent increase in real property tax (RPT) pushed by her father and predecessor former Mayor Jerry Treñas. Chu was visibly angry on Monday, Aug. 18, when media asked for reaction after the Philippine Statistics...
Even as revenue-raising general tax amnesty and online gambling tax measures are being studied by the Marcos administration for enactment this year, Fitch Solutions’ unit BMI has maintained its forecast that the government will exceed its widened fiscal deficit of 5.5 percent of economic...
