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April 30, 2012
Effective January this year, the Bureau of Internal Revenue, with the endorsement of HUDCC, has effected a higher threshold for value added tax or VAT on real estate products such as lots, house and lots, and other residential dwellings such as condominium units.
Previously, properties priced at P2.5 million below enjoyed VAT-free transactions. Now, the VAT-free ceiling has been increased to properties priced up to PhP3,199,200.
This of course spells great news for millions more Filipinos who are seeking to fulfill their lifelong dream of owning their own home, especially condominium dwellings in the metropolis.
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