City Ordinance to curb massive tax evation
December 16, 2001 | 12:00am
The City Council of Makati has approved an ordinance requiring all landowners in the city to submit a declaration of whether their property is being rented out or leased.
City Ordinance 2001-108 is meant to curb the widespread tax evasion being perpetrated by the citys landowners. According to City Secretary Rogelio Marasigan, a significant number of landowners in Makati lease or rent out their properties without declaring it to the city government.
Efforts by the city government to assess and collect the lessors tax usually fail because of the refusal of the owners/administrators to declare the property as leased or rented. As a result, the city government loses millions in uncollected lessors taxes.
Under the ordinance, all owners or administrators of lands, houses and buildings located in the city are required to submit an annual declaration under oath whether or not the said properties are being leased or rented. The owner is also required to submit a copy of the contract of lease to the Office of the Mayor as well as to the barangay office where the property is located.
On the part of barangay chairmen, the ordinance requires them to conduct an annual inventory of all the properties declared as for rent or lease.
City Ordinance 2001-108 is meant to curb the widespread tax evasion being perpetrated by the citys landowners. According to City Secretary Rogelio Marasigan, a significant number of landowners in Makati lease or rent out their properties without declaring it to the city government.
Efforts by the city government to assess and collect the lessors tax usually fail because of the refusal of the owners/administrators to declare the property as leased or rented. As a result, the city government loses millions in uncollected lessors taxes.
Under the ordinance, all owners or administrators of lands, houses and buildings located in the city are required to submit an annual declaration under oath whether or not the said properties are being leased or rented. The owner is also required to submit a copy of the contract of lease to the Office of the Mayor as well as to the barangay office where the property is located.
On the part of barangay chairmen, the ordinance requires them to conduct an annual inventory of all the properties declared as for rent or lease.
BrandSpace Articles
<
>
- Latest
- Trending
Trending
Latest
Trending
Latest
Recommended
November 11, 2024 - 12:00am