BIR requires real-estate firms to give advance VAT payments
By Lauren on Mar 3, 2008 in Real Estate News
The Bureau of Internal Revenue (BIR) has caught wind of the booming real estate business in the Philippines and intends to require developers to give advanced payments of value added tax (VAT) on real estate assets. At the moment, real estate developers pay 12% VAT on properties on the 25th of the month after they are sold. The BIR, however, proposes that they pay a 3% VAT annually. If the developer receives a cash payment, the company should remit the 3% on or before the month after a sale, and the 12% on the 25th.
This new regulation will only cover real estate companies and will not cover one-time sales of personal property.
Related Entries:
Community Innovation’s Treveia combines modern and environment-sensitive architecture with a wide array of innovative amenities to encourage community convergence and personal relationships.
Read more at 
Avida Setting’s green ribbons and courtyards give family members the opportunity to bolster relationships through a novel design for homes that incorporates nature in residential living. Read more at 
Surrounded by nearly 35,000 square meters of open spaces - the largest in any residential development in Manila - Celadon Residences (townhomes) and Celadon Park (condominiums) offer a retreat for families and young urban achievers to commune with the beauty of nature, which is a rarity in the city today. read more at
Post a Comment
If you want to be updated with the latest real estate developments, then make sure to