As the new year begins, real estate practitioners in the Philippines must prioritize legal compliance, particularly the payment of the professional tax mandated by Local Government Code. This tax, applicable to all licensed professionals, must be paid annually by the end of January. Compliance ensures the right to practice nationwide without additional penalties. Professionals are also exempted from business permits from the LGU once the professional tax has been paid.
Tag Archives: RA 9646
5 Critical Things to Know About the Real Property Valuation and Assessment Reform Act
The Real Property Valuation and Assessment Reform Act (RPVARA) in the Philippines aims to improve the real property tax system. With a focus on fairer property valuation, transparency, streamlined government services, taxpayer relief, and increased tax collection, the reform strives to enhance the efficiency of the valuation process, increase revenue, and reduce unnecessary government costs. By establishing uniform standards and a more transparent system, RPVARA aims to boost public confidence and motivate real estate investors, ultimately benefiting the country’s real estate industry.
Reminders as 2024 Rolls In
The post emphasizes the importance of regulatory compliances for real estate service professionals, including the need for Professional Tax Receipts, BIR registration renewal, and DHSUD accreditation. Atty. Jojo, a real estate attorney and broker, urges practitioners to adhere to these requirements to maintain legal compliance and professional identity in the industry.
Strengthening Online Compliance: Can the New Internet Transactions Act End Colorum Practice?
The article discusses the impact of Republic Act No. 11967, also known as the Internet Transactions Act of 2023, on online real estate transactions in the Philippines. The law aims to protect consumers and merchants engaged in internet transactions, and it establishes regulations for electronic commerce and online advertising. The article urges licensed real estate practitioners to support the implementation of the law and addresses the importance of providing accurate information in online real estate marketing.
7 Steps to Start a Successful Real Estate Brokerage in the Philippines
To succeed in the real estate service sector in the Philippines, aspiring entrepreneurs must be persistent, passionate, and prepared to navigate regulatory and operational challenges. This article provides a roadmap for establishing a successful brokerage by following 7 steps.
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