The Bureau of Internal Revenue through its Revenue Regulations No. 1-2024 communicated the new value-added tax (“VAT”) exemption threshold for the sale of real properties not primarily held for sale to customers or held for lease in the ordinary course of trade or business, sale of real property utilized for socialized housing as defined by Republic Act No. 7279, sale of house and lot, and other...
Taxes
VAT EXEMPTION THRESHOLD UPDATE Effective January 1, 2021 through Revenue Regulations 8 2021 (published on June 12, 2021) Residential Dwellings(Condo Units, L&H)P3,199,200 Residential Lots(Lot...