VAT exemptions on real property sale now raise
There’s good news for businessmen engaged in the sale of real estate and lease of residential properties.
The Bureau of Internal Revenue or BIR in the Philippines adjusted upwards just recently the threshold amounts for the sale of residential lots and houses and the leasing of dwelling units which are exempted from the payment of value-added tax or VAT.
Revenue Commisioner Kim S. Jacinto-Henares signed revenue regulations No. 16-2011 exempting from paying the VAT for lot sellers if the value of the property is not more than P1,919,500 and P3,199,200 if there is a house in the said property. Previously, the VAT threshold for a lot and house and lot were placed at P1,500,000 and P2,500,000, respectively.
On the lessor side on the other hand. They are exempted from paying the VAT if the total rental payment per unit is P12,800 annully from the previous P10,000
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