By John Victor D. Ordoñez, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. issued an executive order (EO) that will reduce real property tax for independent power producers (IPPs) engaged in build-operate-transfer (BOT) deals with government-owned and -controlled corporations (GOCCs).
The Palace said Executive Order 83 signed by the President on Feb. 13 and made public on Wednesday. The EO grants IPPs an effective reduction in real property tax by setting an assessment level of 15% of the fair market value. It also calls for machinery and equipment to be depreciated at 2% a year.
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