Tag Archives: Real Estate Taxes

BIR to expedite tax exemptions for socialized-housing land transfers

BusinessWorld Online
November 04, 2016

CERTIFICATES of Tax Exemption (CTEs) covering the transfer of land intended for use in government socialized housing projects will be prioritized by the Bureau of Internal Revenue (BIR), under an agreement signed with housing regulators.

The memorandum of agreement (MoA) was signed by the bureau, the Housing and Urban Development Coordinating Council (HUDCC) and the National Housing Authority (NHA).

BIR Commissioner Caesar R. Dulay, Vice-President and HUDCC Chairperson Maria Leonor G. Robredo and NHA Acting General Manager Marcelino P. Escalada, Jr., signed the MoA on the availment of tax incentives for government socialized housing projects, the BIR said in a statement e-mailed to reporters.

The MoA is pursuant to Republic Act (RA) No. 7279, or the “Urban Development and Housing Act of 1992,” which mandates that the NHA be exempted from the payment of fees and charges of any kind, including income and real estate taxes.

The BIR, as the agency that enforces tax laws and collects all national internal revenue taxes, fees, and charges, will streamline and prioritize the processing and issuance of CTEs for the transfer of raw land intended for socialized housing projects to the NHA.

Sought for comment, the BIR said that this would entail the simplification and reduction of documentary requirements, and that Mr. Dulay would write a subsequent administrative issuance to implement the MoA.

The HUDCC, as the oversight and coordinating housing agency, will regularly submit to the BIR an updated list of government housing projects that are qualified for tax incentives.

The NHA, which is tasked to develop and implement government housing programs, will endorse to the BIR the CTE applications of housing contractors and assist in the evaluation, verification and certification of documentary requirements.

In a statement, HUDCC flagged scarce residential land supply vis-a-vis land demand as a great challenge in providing affordable housing to the poor.

“The challenge that we face now is setting in place a stronger land use policy that is efficiently administered through an integrated land and ISF information system,” Ms. Robredo said.

“This will be complemented by providing innovative housing solutions through the Key Shelter Agencies (KSAs) and Public-Private Partnerships to address opportunity gaps facing the homeless and low-income families.” — Lucia Edna P. de Guzman

Turks, Koreans eye Iligan power plant

BusinessWorld Online
May 18, 2011

CAGAYAN DE ORO CITY — Turkish and Korean investors have expressed interest in acquiring the 114-megawatt Iligan Diesel Power Plant 1 & 2 in Dalipuga, Iligan City. Some members of the 30-man Turkish mission that visited this city last week expressed interest in the plant now owned by the city government of Iligan.

The 7.9-hectare power complex was acquired by Iligan City under a compromise agreement with the Power Sector Assets and Liabilities Management Corp. following its failure to settle real estate taxes with the local government.

Earlier, the Energy Developer Co. Ltd. of Seoul, South Korea, a company involved in renewable energy generation, contracted Cagayan de Oro-based MERGS Technologies, Inc. to conduct due diligence and feasibility study on the plant following a visit to Iligan Mayor Lawrence Ll. Cruz.

Formerly known as the Northern Mindanao Power Corp. (NMPC), the $110-million facility was the first fast-tracked build-operate-transfer power project that is controlled by a local firm. It was commissioned in 1993 as an offshoot of the independent power producers initiative of the Ramos administration and is a joint undertaking of the Alcantara Group and Tomen Corp. of Japan.

Previously designated as NMPC-1 and NMPC-2, the plants were renamed as the Iligan Diesel Power Plant 1 and 2 when the two units were turned over to the National Power Corp. — Michael D. Baños

14 Quick Tips To Sell Your Home Fast

Are you planning to sell your house? or you want to move to a new house and dispose of your old one?

Do include these some reminders when planning selling your home. It is still the selling price which is the main consideration, the physical attributes of the house, the beauty, design, coziness, etc. Here are several useful tips to make it more attractive to prospective buyers:

Ask yourself  if you are the buyer of the house, what motivates you to buy the property? There are several  useful  tips in order to sell your home or property quickly and at the best price.

Sell your home quickly at the best price

1.  Make a survey of the market prices of the houses along you  locality and make a reasonable price range.

2.  The location of the house is the number one consideration. If it is located in the  middle or upper residential bracket this willdetermine an increase or decrease the market price.

3. You can advertise in the newspaper to widen the prospective buyers or find websites on the internet
selling real estate properties.

5. You can put at the entrance of your front yard a sign board written “Home for Sale by owner”.

6. Show your home  directly to your prospective buyers or use convincing visual graphics.

7.  No home is perfect. You can disclose the positive and negative facts about the house. But your manner of presentation to a buyer can add value to your home selling.

8.  First impression is important.  Do add preparations on the interior and so with the exterior views on the house, and even on added furnitures and fixtures

9.  Qualify the prospective buyer to insure smooth sailing transaction.

10.  Check the real estate taxes involved and other taxes incurred before and after the consumation of sale. Consult with a house tax advisor. Learn about all legal documents required like contracts and others.

11.  Learn how to deal convincingly and do a good negotiation.

12.  Consult an expert on realty agency for marketing your house.
Learn whether to use an agent or a realtor and know the differences, like the commissions and other processes.

13.  Choose the best or at least a reputable realtor.

14.  Make the most of your realtor’s advice and be guided accordingly in order to receive the best results of your home selling efforts.