Business Groups Urges The Senate to Quickly Pass RPVAR Act
Several business groups are urging the Senate to immediately pass the Real Property Valuation and Assessment Reform (RPVAR) Act. This is part of Package 3 of the Comprehensive Tax Reform Program (CTRP) of the Duterte administration.
The group stated, “We declare our strong support for the immediate passage of the Real Property Valuation and Assessment Reform Act.”
The 11 business groups noted that they collectively agree with the intent of the RPVAR Act in developing an “equitable, just, and efficient” real property valuation system through the introduction of several reforms.
Under the CTRP, Package 3 aims to implement the following reforms:
- the adoption of a uniform valuation standard based on international valuation practices;
- the establishment of a single valuation base for taxation and for other purposes;
- the establishment of a comprehensive database to support real property valuation functions;
- the centralization of the approval of the Schedule of Market Values (SMVs); and
- the strengthening of the valuation functions of the Bureau of Local Government Finance.
Businesses and entrepreneurs alike shared that adopting a uniform valuation standard and establishing a single valuation base will correct the present situation of incurring multiple and overlapping real property valuations.
They added, “The proposed reforms under Package 3 will enhance transparency and credibility in the valuation standards in the country and confidence in the land market.”
The petition was signed by 11 business groups, namely, the American Chamber of Commerce of the Philippines, Australia-New Zealand Chamber of Commerce Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce and Industry of the Philippines, Korean Chamber of Commerce Philippines, Foundation for Economic Freedom, Philippine Chamber of Commerce and Industry, Philippine Institute of Environmental Planners, and Rural Bankers Association of the Philippines.