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: taxes
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.
Realttorney® 