News

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 Cod...

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PayMaya teams up with BIR for tax payments

A tech company has teamed up with the Bureau of Internal Revenue (BIR) to ease the payment of taxes. In a statement on Monday, Sept. 30, mobile wallet app PayMaya said account holders will soon be able to transmit income tax payments through the app’s Pay Bills feature. The feature will initially benefit individuals that handle their own tax payments, like business owners and self-empl...

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