- The Bureau of Internal Revenue (BIR) has increased the VAT exemption threshold for the sale of house and lot and other residential dwellings from P3,199,200 to P3,600,000.
- The adjustment is mandated by the National Internal Revenue Code and is based on the consumer price index.
- The increase in the threshold demonstrates the BIR’s commitment to excellent taxpayer service.
- The move aligns with the BIR’s focus on taxpayer service and complements the recently signed Ease of Paying Taxes Act.
- The revised revenue regulation reflects the government’s commitment to a just and service-oriented taxation system.
Source: manilastandard.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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