The Package 3 of the Comprehensive Tax Reform Program of the Department of Finance aims to introduce vital reforms to promote the development of a just, equitable, and efficient real property valuation system. The Financial Services and Taxes & Tariffs Committee of AmCham will be hosting Deputy Executive Director Jose Arnold M. Tan of the Bureau of Local Government Finance (BLGF), Department of Finance.
Package 3 aims to address the following systemic problems:
- Rampant outdated valuations used for governmental purposes, especially for national and local taxation;
- Cost overruns and foregone revenues due to low valuations uses: overvaluation when government pays, undervaluation when government collects;
- Multiple, overlapping valuations in different government agencies;
- Absence of a single agency responsible for ensuring that valuations are in accordance with international standards; and
- Absence of a comprehensive real property electronic database.