PRESIDENT Ferdinand Marcos Jr. has signed an executive order (EO) lowering the real property taxes (RPTs), interests, and penalties on the property, machinery, and equipment of Independent Power Producers (IPPs) operating under a Build-Operate-Transfer (BOT) agreement.
EO 36, inked by Marcos on July 25 and made public on Friday, reduces and condones real property taxes and penalties assessed on power generation facilities of IPPs under BOT contracts with government-owned and -controlled corporations .Under Republic Act 7160 or the Local Government Code of 1991, the President 'may, when public interest requires, condone or reduce the real property tax and interest for any year in any province, city, or municipality within the Metropolitan Manila area.
All interests and penalties on such deficiency real property tax liabilities are condoned and concerned IPPs are relieved from payment, he added.The President also noted that all real property tax payments made by the IPPs over and above the reduced amount shall be applied to their real property tax liabilities for the succeeding years.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PBBM, Speaker Romualdez meet Filipino community in MalaysiaPresident Ferdinand R. Marcos Jr., First Lady Liza Araneta-Marcos, House Senior Deputy Majority Leader Sandro Marcos, Speaker Ferdinand Martin G.
Read more »
Marcos, Malaysian leaders mentioned Sabah claim but did not dwell on itThe issue on Sabah was mentioned in President Ferdinand 'Bongbong' Marcos Jr.'s meetings with Malaysian leaders but it did not go farther than that, President Ferdinand 'Bongbong' Marcos Jr. bared.
Read more »
Marcos assures assistance to Egay-affected communitiesPRESIDENT Ferdinand Marcos Jr. assured on Wednesday, July 26, 2023, the government's preparedness to respond to the effects of Typhoon Egay (Doksuri).In a statement, Marcos,...
Read more »
President Marcos to visit Cebu this Friday for ABAC, National Museum inaugurationCEBU CITY, Philippines - President Ferdinand ‘Bongbong’ Marcos Jr. will be visiting Cebu this Friday, July 28, 2023, a few days after delivering his second State of the Nation Address
Read more »
Marcos to meet European Commission president in ManilaEuropean Commission President Ursula von der Leyen is set to arrive in the Philippines from July 30 to August 1 for an official visit, Malacañang announced Thursday, July 27.
Read more »
Marcos welcomes EU Commission president's PH visitPresident Ferdinand 'Bongbong' Marcos Jr. welcomed the upcoming visit of the European Commission (EC) President Ursula von der Leyen, saying it could bring the Philippines and the European Union (EU) even closer.
Read more »