VAT exemption threshold for residential property sales raised to P3.6M and below

• The Bureau of Internal Revenue (BIR) has increased the selling price threshold for VAT exemption on the sale of residential properties.
• The threshold has been raised from P3,199,200 to P3,600,000.
• This increase is in accordance with the National Internal Revenue Code and will be adjusted every three years based on the Consumer Price Index.
• The new regulation will take effect 15 days after its publication in the Official Gazette or a newspaper of general circulation.

Source: grantthornton.com.ph

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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