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    Global Daily Tax News, Philippines Real Estate Property Tax Reform Bill Enacted, (Jun 20, 2024)

    The Real Property Valuation and Assessment Reform Act (RPVARA) has been signed into law by the Philippines' President.

    Among other things, the legislation provides for a two-year amnesty, waiving interest and penalties, for taxpayers with unpaid real ...

    The Real Property Valuation and Assessment Reform Act (RPVARA) has been signed into law by the Philippines' President.

    Among other things, the legislation provides for a two-year amnesty, waiving interest and penalties, for taxpayers with unpaid real property tax.

    The legislation is also intended to modernize the collection of property taxes, including through the creation of a new Real Property Information System which will maintain an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declarations in the country.

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