EO 126 (s. 2021) — IPP BOT RPT Condonation, CY 2020

Status: operative
Confidence: high
Effective date: 2021-03-04

Full title: Reduction and Condonation of Real Property Taxes and Interest/Penalties Assessed on the Power Generation Facilities of Independent Power Producers Under Build Operate-Transfer Contracts With Government-Owned or -Controlled Corporations

Signed: March 4, 2021 | President: Rodrigo Roa Duterte

Scope and Coverage

Geographic scope: Nationwide [EO 126, s. 2021, §1, 2021-03-04].

CY covered: All years up to CY 2020 [EO 126, s. 2021, §1, 2021-03-04].

Key Provisions

§1 — Reduction: RPT liabilities reduced to 15% of FMV depreciated at 2%/yr; interests and penalties condoned [EO 126, s. 2021, §1, 2021-03-04].

§2 — Rollover: Excess payments applied to future RPT liabilities [EO 126, s. 2021, §2, 2021-03-04].

Notes

Structurally identical to EO 117 (s. 2020); retains the 3,100 MW grid capacity WHEREAS. Note this is the first of two condonation EOs issued in 2021 — EO 157 (s. 2021) followed in December to cover CY 2021. See IPP BOT Real Property Tax Condonation for the full series analysis.

Full text: Cleaned copy