To generate additional revenues
MANILA, Philippines — The government will expedite the sale of its assets for disposition in a bid to generate additional revenues for state coffers.
In a recent department order, Finance Secretary Benjamin Diokno created an interagency technical working group (TWG) on deficiency taxes of government assets for disposition.
The main objective of the TWG is to formulate policy and implement solutions regarding the outstanding tax liabilities in relation to or arising from the properties or assets transferred to the government and under different disposition entities.
Based on the department order, these include, but are not limited to, properties located in San Miguel, Bulacan with an area of 1,551 hectares, and properties and assets of the coconut levy fund.
Also covered are the properties and government assets for disposition under the Privatization and Management Office.
Specifically, the TWG will identify strategies or workable solutions to fast-track the settlement of tax liabilities and deficiencies of government assets for disposition.
The TWG will also discuss, process and apply abatement or cancellation of taxes, penalties and charges related to such assets on a case-to-case basis and subject to the funds of the Bureau of the Treasury.
The government will also establish fast lanes in the Bureau of Internal Revenue (BIR), involved local government units and the Registry of Deeds to prioritize and expedite the process of transferring the assets.
Further, the TWG is tasked to streamline the process of transferring the ownership and registration of the assets from the private entity to the government and eventually to the winning bidder whether private or public.
The TWG may also perform other acts that may be necessary to attain the objectives and goals of generating revenue from the speedy and timely disposition of assets.
The TWG is chaired by Finance Undersecretary for privatization and corporate affairs Catherine Fong, with members including national treasurer Rosalia de Leon, DOF-Revenue Generation and Local Finance Group officer-in-charge Dakila Napao, chief privatization officer Maan Doctor and BIR assistant commissioner Larry Barcelo.