MANILA Mayor Isko Moreno urged real property owners in the city to avail of the discounts being given to those who will make prompt or advance payments of taxes under a new schedule which is earlier than the usual.
Moreno announced that instead of the first quarter of next year, advanced payments for a full year may now be made up to December 10, 2020, in order to avail of the biggest discount being given, which is 20 percent. Before this, such discount was given during the first quarter of every year.
This, Moreno said, is pursuant to Ordinance 8672 passed by the Manila City Council headed by Presiding Officer Honey Lacuna, amending certain provisions of city ordinance No. 8331, also known as the “2013 Omnibus Revenue Code of the City of Manila” which took effect in 2014.
City treasurer Jasmin Talegon explained that advance payments are those made a year before the due date while prompt payments are those paid before due date.
Talegon said the new schedule of discounts was based on the new ordinance and includes staggered payments on delinquent accounts. Covered are real properties such as land, building, machinery and other improvements.
According to council majority floorleader Joel Chua, the ordinance passed during the session presided by president pro tempore Jong Isip states that real property tax paid in full on or before December 10, 2020 will entitle the taxpayer to a 20 percent discount on the actual taxes due.
If such annual realty taxes are paid in full from December 11 to 29, 2020, the tax discount shall be 15 percent and if paid in full from January 1 to 31 of next year, the tax discount shall be ten percent only. Prompt payments also get ten percent discount.
Such discounts, Chua said, shall only be granted to properties without delinquencies and in case the deadline falls on a non-working day, the tax payment must be made on the immediately following regular working day to avail of the discount. For purposes of assessment, Chua said a depreciation allowance may be made for building or improvement at the annual rate of from one to two percent of its current and fair market value, which may be granted once every five years upon due application with the Office of the City Assessor under Marlon Lacson. The residual value of the building shall in no case be lower than 50 percent of its original appraisal.
In the case of machinery, he said a depreciation allowance may be granted at rates of from two to five percent of its original cost or its replacement or reproduction cost, as the case may be, which may be granted once every three years of use and upon due application with the Office of the City Assessor. Provided, that the remaining value for all kinds of machinery shall be fixed at 25 percent of such original, replacement, or reproduction cost for so long as the machinery is useful and in operation.
Lacson had been authorized to issue the proper guidelines for the effective implementation of the said provisions.Publication Source : People's Tonight