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Real property tax to be slashed 20% in 2020

40% reduction in real property taxes in three years has been signed last August 22, and will be effective starting January 1, 2020. It believes to provide “a more progressive and equitable revenue system” for taxpayers, lowering the incovenience of the tax paying obligations and to encourage more businesses to set up shop in the capital to increase revenue collections for the local government.

The substantial tax reduction was signed at the Bulwagang Kaptipunan of Manila City Hall by Manila City Mayor Isko Moreno. It grants 20% reduction starting next year, followed by an additional 10% reduction at the end of the 2021 and 2022 to complete the 40% drop in property taxes by the time Moreno completes his term.

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