Tax Update on VAT/Real Property Taxes

Starting January 1, 2012, BIR increases the threshold amounts for sale of residential lot, sale of house and lot, lease of residential unit and sale or lease of goods or properties or performance of services's as per Revenue Regulations No. 16-2011 :

As per BIR's RR 16-2011 dated Oct. 27, 2011, starting next year, sales on real properties exempt from VAT: For lots below P 1,919,500 (previously P1.5M) and on House & Lot below P3,199,200 (previously 2.5M)

Please click here to see complete text of the BIR Update : … y-tax.html

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