President Ferdinand Marcos Jr. signed the Real Property Valuation and Assessment Reform Act (RPVARA) into law on Thursday, introducing a two-year amnesty on interests, surcharges, and penalties for unpaid real property taxes.
The RPVARA aims to standardize property valuation across the country and encourage long-term tax compliance.
Marcos highlighted that the law provides relief on unpaid taxes, including the Special Education Fund and Idle Land Tax, fostering better taxpayer compliance.
The signing ceremony at Malacañan Palace included several lawmakers and Cabinet secretaries.
Senator Sherwin Gatchalian noted that the amnesty would boost the government’s revenue-collection efforts by waiving numerous fees.
Source: PhilNews24 | June 14, 2024
