Income Tax Return as Requirement for Professional License Renewal

QUESTION: Rltr. John, there is an idea that income tax return be required in renewing license from the Professional Regulation Commission. What is your thought on this?

ANSWER: That's a "half good" idea and therefore "half-welcomed". The other half of the good idea is that real estate marketing companies and individual taxpayers who derive income from real estate service (such as agents, brokers, salespersons, appraisers, and developer/consultants) must attach their PRC Professional Registration in their Income Tax Return -- which means those who are actually earning from real estate profession without PRC registration must be fined P200,000 and imprisoned for at least six months for violation of Philippine Real Estate Service Act of 2009.

Investing in real estate education and licensing is expensive. Nobody wants to waste money on non-earning professions. It is good that government will have a record of earnings and taxes of licensed real estate professionals so that the people will have a basis to decide intelligently if they would know if this is a gainfully-earning profession or not.

If you ask a 15-year seasoned licensed real estate broker like me if this profession is financially gainful, my answer is no, it is not gainful. To the new-comers and wannabe's in this real estate service industry, I would tell them, if they have P10,000 to spend for real estate seminar, they would get a better chance to earn a jackpot if they would use the money to bet in lotto compared to investing in real estate education and professional license.

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