(MENAFN- Gulf Times) Senator Paolo Benigno 'Bam Aquino yesterday filed a bill that seeks to exempt calamity victims from paying real estate, business and donor's taxes for at least one year.
Aquino said areas affected by calamity should be given tax relief for at least one year to enable affected businesses and families to recover from financial losses.
In filing Senate Bill 653, 'Providing For Tax Relief in Times of Calamity, the lawmaker said the measure adds to the various initiatives of government, civil society and the private sector to strengthen resilience to adversity and invigorate the spirit of bayanihan ingrained in the collective heart of Filipinos.
'As we faced a number of terrible natural disasters in the past years, from super typhoons to earthquakes and flash floods, we saw the bayanihan spirit of every Filipino eager to give their time and resources to suffering Filipino families, Aquino added.
The re-electionist senator stressed that the tax system needs to be re-evaluated to ensure quick and efficient recovery from disasters of calamity victims.
'As such, this measure seeks to relieve our countrymen affected by terrible distress of the burden of taxes to encourage a quicker recovery, Aquino said.
He also called for the suspension of payment of real property tax in the calamity-stricken area for two fiscal years, starting from the date of declaration of calamity.
Any donation for the victims of the calamity shall also be exempted from donor's tax.
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