Duterte reduces, condones real property taxes of independent power producers

ABS-CBN News

<p>MANILA—President Rodrigo Duterte signed on Thursday an executive order reducing and condoning real property taxes and penalties assessed on power-generation facilities of independent power producers (IPPs) under Build-Operate-Transfer contracts with government-owned or controlled operations.</p><p>EO No. 126 covers all liabilities for real property tax, including special levies accruing to the Special Education Fund for calendar year 2020.</p><p>Dues are reduced to an amount equivalent to the tax due if computed based on an assessment level of 15 percent of the fair market value of the property, machinery, and equipment depreciated at the rate of 2 percent per year and less any amount already paid by IPPs.</p><p>Duterte signed a similar order in 2019 in aid of the government&#x27;s fiscal consolidation efforts and to avoid triggering economic losses in different sectors.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/16/19/duterte-reduces-real-property-taxes-of-independent-power-producers">Duterte reduces real property taxes of independent power producers</a></li></ul><p>The latest EO also covers power purchase agreements, energy conversion agreements or other contractual agreements with GOCCs.</p><p>The order also states that all interests on such real property tax liabilities are condoned and that IPPs involved are no longer required to pay such.</p><p>Real property tax payments already made by the IPPs that exceed the reduced amount under this latest order shall be applied to their property dues for the succeeding years.</p><blockquote class="embedly-card"><h4><a href="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/news/03/04/duterte.pdf">null</a></h4><p>null</p></blockquote><script async="" src="//cdn.embedly.com/widgets/platform.js" charSet="UTF-8" type="text/javascript"></script><div> </div><p>The concerned government entities, including relevant GOCCs and LGUs, are ordered to comply with the EO.</p><p>“If any provision of this Order is declared invalid or unconstitutional, the other provisions unaffected thereby shall remain valid and subsisting,” read the 2-page order, which will take effect upon publication in a newspaper of general circulation.</p>

<p>EO No. 126 covers all liabilities for real property tax, including special levies accruing to the Special Education Fund for calendar year 2020.<br /> </p>

EO No. 126 covers all liabilities for real property tax, including special levies accruing to the Special Education Fund for calendar year 2020.

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Duterte reduces, condones real property taxes of independent power producers

Duterte reduces, condones real property taxes of independent power producers

ABS-CBN News

Published Mar 05, 2021 04:08 AM PHT

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Rodrigo Duterte

real prpoerty tax

EO

IPP

independent power producers

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