EXCERPT

The Department of Finance (DOF) has asked local governments to adjust their real estate taxation as they are losing billions in resources because of outdated valuation of properties.

Finance Secretary Carlos Dominguez said legislating real property valuation reform would allow local governments to collect the right taxes by updating the schedule of market values in assessing real estate assets.

According to Dominguez, local governments lose billions of pesos by using property values that are no longer at par with international standards, including the rates used by the Bureau of Internal Revenue (BIR).

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