The Chamber of Real Estate & Builders’ Associations Inc. (CREBA) has appealed to the Department of Finance to hold off plans to increase zonal values on properties as the sector is yet to fully recover from the pandemic.
CREBA said in a statement said it is also reiterating its earlier petition for the freezing of real property taxes for at least two years, urging the government to train its focus on other major revenue sources for basic programs, such as confronting corrupt practices across all bureaucratic levels, instead of imposing additional property-related taxes at both national and local government unit levels.
zonal values should stay at pre-pandemic levels and that no increase be implemented during the time the country remains in a state of calamity due to new coronavirus disease 2019.
“ This would allow the zonal value to reflect the actual valuation of property and aid developers and property owners in keeping tax-related expenses at a reasonable level,” CREBA said.
CREBA said taxes paid by developers form part of production cost that are ultimately passed on to home buyers.
“Freezing RPT rates will support the millions of homeless Filipinos and boost their capacity to acquire decent housing packages crucial at a time like this,” CREBA added.
