Ahead of Typhoon Shadler’s landfall, the NTBT issued guidance on 26 August 2026 outlining the three-step process for taxpayers to claim tax reductions or exemptions for disaster-related losses. Under the Disaster Relief Act and Tax Collection Act, individuals and businesses suffering property damage, inventory loss, or business interruption from declared natural disasters can apply for property tax, land tax, and income tax relief.
Key Takeaways
- Step 1 – Damage Assessment: Taxpayers must report losses to local tax offices within 30 days of the disaster declaration, providing photographic evidence, inventory records, and official disaster certification.
- Step 2 – Tax Reduction Application: Submit prescribed forms with supporting documents to the competent tax authority for property tax reductions (up to 50% for totally destroyed properties) and income tax deductions for disaster losses.
- Step 3 – Verification and Approval: Tax officers conduct on-site inspections; approved reductions are applied to current or future tax liabilities, with refunds issued for overpayments.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement