The Importance of Verifying the BIR TIN of Property Sellers for VAT Consideration In the world of real estate transactions, there are various taxes and expenses that both buyers and sellers need to be aware of. One of the crucial factors that can significantly impact the financial aspect of a property sale is the Value Added Tax (VAT), which is set at 12% in the Philippines. To avoid unexpected...
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What are taxes involved in selling real estate property in the Philippines? Selling a real estate property in the Philippines can be a complex process, especially when it comes to understanding the tax implications. As a seller, it is important to be aware of the different taxes involved in the transaction to avoid any potential legal and financial issues. In this blog, we w...
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The proposed Corporate Income Tax and Incentives Rationalization Act (Citira) will continue to give away tax breaks to priority industries that will generate more jobs and create additional value-added in the economy, the Department of Finance (DOF) said Monday. “We cannot dispute that the many industries receiving incentives have made valuable contributions to the economy and to the Fili...
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