BIR: House and lots valued P3.6M and below are VAT exempt By TED CORDERO, GMA Integrated News

House and lots to be sold at P3.6 million and below are exempted from value-added tax (VAT). This after the Bureau of Internal Revenue (BIR) raised the VAT exemption threshold on the sale of house and lot, and other residential dwellings to P3.6 million from P3.199 million. In a statement on Wednesday, the BIR said Internal Revenue Commissioner Romeo Lumagui Jr. issued Revenue Regulations No. 1-2024. The RR No. 1-2024 increased, “for VAT exemption purposes, the selling price threshold of the sale of house and lot, and other residential dwelling from P3,199,200.00 to P3,600,000.00.” The taxman said the adjustment was pursuant to the Section 109 (P) of the National Internal Revenue Code which mandates that every three years the subject amount should be adjusted to its present value using the Consumer Price Index as published by the Philippine Statistics Authority. “This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from P3,199,200.00 to P3,600,000.00 gives testament to the BIR's improved and updated services,” said the BIR chief. The BIR, moreover, said it will focus on its pillar of Excellent Taxpayer Service this 2024. The taxman said the recently signed landmark Ease of Paying Taxes Act would pave the way for a more modern tax system, “with the ultimate goal of helping taxpayers in their tax obligations.”—AOL, GMA Integrated News

Comments

Post a Comment

Popular posts from this blog

POPCOM, gagamit ng ‘digital platforms’ para pagtibayin ang mga ugnayang pampamilya

Mas pinalalawig ng Komisyon sa Populasyon at Pagpapaunlad (POPCOM) ang adhikain nitong pagpapalaganap at pagpapabuti ng pakikipag-ugnayan ng mga nakakatandang Pilipino sa kanilang mga anak na nagdadalaga at nagbibinata. Nitong Setyembre 21, ang POPCOM ay nagsagawa ng isang “parent-teen talk webinar” gamit ang Zoom, kung saan ang isang “interactive program” ang nagbigay ng naaayon na kaalaman at kasanayan sa mga magulang, habang tumulong ito sa mga anak na teenager na maabot ang kanilang buong potensyal. Hinikayat din nito ang mga nanay at tatay na sumali sa malayang usapan, lalo na sa mga usapin ukol sa sex at sekswalidad, na nakikitang makakatulong upang bumaba ang mga bilang ng mga pagbubuntis sa hanay ng mga kabataan. Maaaring mapanood ang webinar sa https://youtu.be/lZ9jrJCjYas. Ayon kay Ikalawang Kalihim (Undersecretary) Juan Antonio A. Perez III, MD, MPH, “ang webinar ay naging isang tagapag-simula at ‘padaluyan’ ng pag-uu
Read more

UP Diliman Professors Share Scientists’ Procurement Struggles at Senate Hearing

By Harvey Sapigao Senate hearing of the revised procurement law (Photo credit: Senate of the Philippines) College of Science (CS) Dean Giovanni Tapang held up a little white device as he finished his presentation. “This is a ₱150,000 component,” he described. “Isa lang gumagawa nito sa buong mundo, pero ang hirap pilitin sila na magregister sa PhilGEPS,” he continued, referring to the requirement that foreign companies must first register to the Philippine Government Electronic Procurement System (PhilGEPS) before they can sell products to local scientists. Marine Science Institute (MSI) Deputy Director Dr. Irene Rodriguez explained that the small device is a resin that filters metals in water. “May budget tayo,” she said, “pero ang problema ko ay ‘yung resin na ito.” This and other bottlenecks brought about by the procurement law, or the Government Procurement Reform Act (RA 9184), slow down research and development in the country. UPD leaders were invited to the Senate he
Read more

Gaza war rages into fourth month as Blinken tours Middle East Adel Zaanoun with Ilan Ben Zion in Jerusalem, --- Agence France-Presse

The Israel-Hamas war raging in Gaza entered its fourth month on Sunday as the army again pounded the besieged Palestinian territory and US top diplomat Antony Blinken was back in the region seeking to avoid a wider escalation. Israeli airstrikes overnight and early Sunday killed at least 64 people in the Hamas-run Palestinian territory, said its health ministry. It said two journalists were killed when their car was struck. The ministry, medics, and witnesses identified them as Mustafa Thuria, a video stringer for Agence France-Presse, and Hamza Wael Dahdouh, the son of Al Jazeera's bureau chief in Gaza who earlier lost his wife and two other children in an Israeli strike. Israeli bombardment also claimed other civilian lives in the southern city of Khan Yunis and in the Rafah area near the Egyptian border, where many of the territory's displaced people have sought refuge, AFP correspondents reported. Relatives were mourning the dead at Khan Yunis' European Hospital, am
Read more