IDLE lands should be taxed with more ad valorem from 5 percent to 10 percent.
Southern Leyte Rep. Roger Mercado made the proposal in filing House Bill 5688 to serve as deterrent against non-utilization of private properties for productive purposes and to encourage local government units to maximize their revenue potential.
According to Mercado, despite present laws levying annual taxes on idle lands, large tracts of privately-owned lands have remained undeveloped over the years.
“The laws failed to effectively control the unjust and unproductive practice of rich individuals, partnerships and corporations of acquiring vast tracts of lands to speculate for profit on the future increase in the market value of such lands,” Mercado said.
Many of the landowners would rather let their lands remain idle than invest money for their cultivation, utilization and development since, in time, the market value of lands, whether utilized or not, would still increase.
In House Bill 5688, Mercado sought to amend Section 236 of RA 7160 on additional ad valorem tax on idle lands so that “a province, city or municipality within the Metro Manila area shall levy and collect an annual tax on idle lands at the rate of 10 percent of the assessed value of the property which shall be in addition to the basic real property tax.” Jester P. Manalastas
Published : Thursday May 24, 2012 | Category : National | Views : 4
AN Islamic-friendly and culturally-sensitive curriculum for Muslim learners will be implemented in the Autonomous Region in Muslim Mindanao this June. This was apart from the effort to continue to allot resources to further train Muslim teachers. The curriculum was launched recently in Lamitan City, Basilan. The event was attended by... Read more
Published : Thursday May 24, 2012 | Category : National | Views : 6
By : Jun Pisco
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Published : Thursday May 24, 2012 | Category : National | Views : 6
By : Joel dela Torre
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Published : Thursday May 24, 2012 | Category : National | Views : 6
By : Jun Pisco
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Published : Thursday May 24, 2012 | Category : National | Views : 6
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