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Rödl & Partner opens new office in Waterloo, Canada |
Rödl & Partner opens new office in Waterloo, Canada |
Rödl & Partner opens new office in Waterloo, Canada |
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Rödl & Partner is excellently positioned with each individual service line. Based on this and using our interdisciplinary skills we guarantee our clients a special added value from the seamless combination of the services we provide.
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As attorneys, tax advisers, management and IT consultants and auditors, we are present with 116 own offices in 50 countries. Worldwide, our clients trust our around 6,000 colleagues.
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The strength of Rödl & Partner lies in comprehensive advisory by interdisciplinary teams not only in the case of transaction advisory, nationally and internationally in 116 locations worldwide.
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Rödl & Partner assists you with organising and implementing company succession solutions in line with your expectations, wishes and needs. In this process, we provide comprehensive legal, tax and business advisory.
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Property Valuation
Page Content
With the passing of the Real Property Valuation and Assessment Reform Act (RPVARA), valuation criteria are to be aligned with international standards. President Ferdinand Marcos Jr. signed the Real Property Valuation and Assessment Reform Act (RPVARA) on June 13, 2024.
The newly enacted law primarily aims to develop and maintain a fair and uniform equalization of real property valuation in alignment with international standards.
Previous situation
The valuation standards used have reportedly not been revised regularly, although this is required every three years under Section 219 of RA 7160 or the Local Government Code of 1991. In addition, the zonal value is subject to automatic adjustment every three years pursuant to Section (6)(E) of the National Internal Revenue Code of 1997, as amended. Currently, there are no uniform standards. Hence, property valuations may be set too low or too high. “The system is long outdated,” explained Finance Minister Ralph G. Recto.
Introduction of uniform valuation criteria based on and in line with international standards
RPVARA aims to solve this problem and to introduce uniform property valuations based on and in line with international standards.
This should free the valuation of real estate from national political influences and instead focus on technical and objective valuation standards that are used internationally. Political aspects that may affect Philippine taxation should be detached from all valuation criteria. Through the use of the Philippine Valuation Standards (PVS), which is based on the International Valuation Standard (IVS), the technical and international valuation standards will be enforced by the local government units (LGUs).
Real Property Information System (RPIS)
This requires the development of an electronic and comprehensive Real Property Information System (RPIS). This system will serve as a database for all real estate transactions and will include the functions of land registries, the Bureau of Internal Revenue (BIR) and notaries, among others.
Real Property Tax Administration Fund (RPTAF)
In addition, the RPVARA provides for the establishment of the Real Property Tax Administration Fund (RPTAF). The RPTAF is intended for the updating of the Market Value Inventory (SMV) and the general revision of property valuations, including the administration of property tax in all LGUs.
property tax amnesty
Ultimately, the law institutes a real property tax amnesty to cover penalties, surcharges, and interests from all unpaid real property taxes, including Special Education Fund, idle land tax, and other special levy taxes, prior to the effectivity of RA 12001, but restricted to two years after entry into force.
In summary, the reform creates more transparency and accuracy for (foreign) investors and property owners, thus encouraging more investments as property valuation in the Philippines becomes more understandable and tangible.
From The Newsletter
Newsflash ASEAN
Contact
Dr. Marian Norbert Majer
Associate Partner
+63 917 703 9089
Send inquiry
How We Can Help
R
ö
dl & Partner in ASEAN
Rödl & Partner in the Philippines
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