- House and lots valued at P3.6 million and below are now exempt from value-added tax (VAT)
- The Bureau of Internal Revenue (BIR) raised the VAT exemption threshold from P3.199 million to P3.6 million
- Internal Revenue Commissioner Romeo Lumagui Jr. issued Revenue Regulations No. 1-2024 to implement the adjustment
- The adjustment is in accordance with Section 109 (P) of the National Internal Revenue Code, which requires periodic adjustments based on the Consumer Price Index published by the Philippine Statistics Authority.
Source: gmanetwork.com
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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