A lawmaker has filed a bill that seeks to exempt all socialized housing programs and projects from capital gains tax. Rep. Winston Castelo said this proposal under House Bill 6122 aims to encourage more participation in comprehensive urban development and housing programs to provide land and housing for underprivileged and homeless citizens. The bill would exempt national and local governments, private sector, NGOs, and people's organizations from capital gains tax on the sale or donation of land for socialized housing. Castelo said socialized housing is the best way to resolve the needs of underprivileged families for shelter and security. The bill aims to provide tax incentives to encourage more private sector participation in socialized housing projects.
Original Description:
Tax incentives for institutions engaged in socialized housing projects pushed
Original Title
nov11.2015 bTax incentives for institutions engaged in socialized housing projects pushed
A lawmaker has filed a bill that seeks to exempt all socialized housing programs and projects from capital gains tax. Rep. Winston Castelo said this proposal under House Bill 6122 aims to encourage more participation in comprehensive urban development and housing programs to provide land and housing for underprivileged and homeless citizens. The bill would exempt national and local governments, private sector, NGOs, and people's organizations from capital gains tax on the sale or donation of land for socialized housing. Castelo said socialized housing is the best way to resolve the needs of underprivileged families for shelter and security. The bill aims to provide tax incentives to encourage more private sector participation in socialized housing projects.
A lawmaker has filed a bill that seeks to exempt all socialized housing programs and projects from capital gains tax. Rep. Winston Castelo said this proposal under House Bill 6122 aims to encourage more participation in comprehensive urban development and housing programs to provide land and housing for underprivileged and homeless citizens. The bill would exempt national and local governments, private sector, NGOs, and people's organizations from capital gains tax on the sale or donation of land for socialized housing. Castelo said socialized housing is the best way to resolve the needs of underprivileged families for shelter and security. The bill aims to provide tax incentives to encourage more private sector participation in socialized housing projects.
socialized housing projects pushed A lawmaker has filed a bill, which seeks to exempt all forms of socialized housing programs and projects from the payment of capital gains tax. Rep. Winston Castelo (2nd District, Quezon City) said the proposal under House Bill 6122 is in line with the policy of the State to encourage more participation in undertaking comprehensive and continuing urban development and housing program as well as access to land and housing for the underprivileged and homeless citizens. Under the bill, exemption of payment of capital gains tax is applicable to all institutions, whether national governments Key Shelter Agencies or local government units (LGUs), private sector, nongovernment organizations or civil society organizations, peoples or cooperative organizations engaged or who shall engage in any form of socialized housing projects and programs. The bill states that any disposition by way of sale or donation of lands for socialized housing programs and projects shall be exempt from the payment of capital gains tax or donors tax, as the case may be. Castelo said socialized housing program is the most appropriate solution that resolves underprivileged and homeless families need for security of tenure and shelter. Housing is a basic human needa matter of concern since it directly and significantly affects public health, safety, the environment and in sum, the general welfare, he said. Castelo, chairman of the Committee on Metro Manila Development and vice chair of the Committee on Housing and Urban Development, said aside from the regular fund for social housing granted to the national governments Key Shelter Agencies, the President has provided P10B for high density housing program of the informal settler families living in waterways and danger zones in Metro Manila. He further said that the private sector and cause-oriented institutions and other organizations are now engaged in multi-stakeholders arrangement for socialized housing programs and projects intended for the underprivileged and homeless Filipino citizens. Castelo said through their socialized housing programs and projects, these multi-stakeholders help uplift the conditions of the less fortunate and the homeless by making available decent housing at affordable cost as well as reduce urban dysfunctions, among others. In recognition of this multi-stakeholders arrangement of cooperation and to encourage more private sector participants to undertake socialized housing projects and programs, it is necessary and desirable to provide them tax incentives such as exemption from the payment of capital tax gains, Castelo said. The bill has been referred to the House Committee on Housing and Urban Development chaired by Rep. Alfredo B. Benitez (3rd District, Negros Occidental). (30) mvip