QC SEEKS TAX EXEMPTIONS ON HOUSING PROJECTS
QUEZON CITY – The Quezon City government is seeking an exemption from paying taxes on community mortgage programs and socialized housing projects, a report by The Manila Standard said.
This, as the local government approved City Resolution SP 7622-2018 wherein estate tax exemptions to the properties would provide a relief to heirs belonging to middle-class Filipino families who are primarily wage earners.
This resolution states that heirs often resort to selling properties to those who could afford to pay for estate tax such as interest and penalties to the disadvantage of informal settler families.
The release the properties to the development and commercial circulation through the CMPs and socialized housing programs by the local and national government would benefit the on-site occupants, “revealing that a substantial number of Filipinos may not be familiar with the payment of estate taxes,” the resolution reads.
“As a result, the tax liabilities that accrued may have accumulated huge penalties and surcharges that became burdensome to the family members and heirs of the deceased,” it said.
Non-payment of the estate tax following the death of the registered owners of the properties would lead to the lock-up of properties for development and limit the implementation.
Meanwhile, the local government, in partnership with the Agriculture department, is planning to set up a “tienda malasakit” store in December.
Quezon City Vice Mayor Josefina Belmonte said the city council has commissioned the National Food Authority to distribute cheaper-priced sacks of rice in several communities.