Villar noted that when Ondoy flooded the metropolis and nearby areas in 2009, Marikina City residents got discounted real property tax rate, which helped them cope with the destruction brought by the typhoon.
"To those who sustain economic prejudice due to losses or destruction caused by these calamities, we must grant a reasonable deduction from their tax liabilities within a specified period as a means to alleviate the adverse economic conditions affecting them and to accelerate the pace of their economic rehabilitation," he said.
Under the bill, any person, natural or juridical, whose immovable property was lost, totally or partially destroyed by a typhoon, earthquake, volcanic eruption or similar natural calamities shall be allowed to deduct the total amount of the loss or destruction from his or its income and real property tax liabilities up to a period of five years from the time of the loss or destruction.
The immovable property refers to residential lands and buildings, commercial and industrial buildings, agricultural lands together with the plants and growing fruit trees, and permanently installed machinery intended by the owner of the building or structure for an industry or business.
"While government depends heavily on taxation to serve the people, the government must appropriately show its sensitivity to its vital and fundamental duty to safeguard and promote the public welfare through reasonable legislative measure which will help alleviate serious economic dislocations," he said.
Source: http://www.senate.gov.ph
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