PH President signs EO 60 reducing real property taxes of IPP

President Duterte has signed Executive Order 60 allowing the reduction and condonation of real property taxes and penalties on the power generation facilities of independent power producers (IPPs) under the Build-Operate-Transfer (BOT) contract with government-owned-and-controlled-corporations (GOCC).
 
The EO covers the reduction and condonation of all liabilities for real property tax including any special levies accruing to the Special Education Fund, property machinery, and equipment actually and directly used by IPPs for the production of electricity under BOT and similar contracts.
 
It was signed by the President to ensure the stability of energy prices and prevent further cross-defaults and economic losses across all sectors.

Please click the link: Executive Order No. 60