BIR raises VAT exemption to P3.6M for residential property sales
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. has issued Revenue Regulation No. 1-2024, increasing the value-added tax (VAT) exemption threshold for the sale of houses and lots and other residential dwellings.
The revised threshold now stands at P3.6 million, up from the previous P3.2 million.
This revision aligns with Section 109 (P) of the National Internal Revenue Code, which mandates a triennial adjustment based on the Consumer Price Index published by the Philippine Statistics Authority.
“This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes… gives testament to the BIR’s improved and updated services,” Lumagui said.
Source: https://bilyonaryo.com/2024/01/16/bir-raises-vat-exemption-to-p3-6m-for-residential-property-sales/business/?fbclid=IwAR2Y-gh5pS_Fk-vWnnZEowftk6WGnopi684D09uQ8Pl3m8-vxd_Ayqpt69U
