Buyers of celebrity houses in the Philippines will be pleased by new tax thresholds announced this week.
The VAT cut-off point has been raised by The Philippino
Bureau of Internal Revenue (BIR), allowing more transactions to be exempt from the
tax.
Property transaction thresholds have gone up from PP1.5 million to just under 2 million (1,919,500), reports OPP, and land deals including a house plot worth less than P3,199,200 (increased from P2.5 million) are now free of extra charges.
Landlords will also be exempt from tax if total rental amounts are under P12,800 per year.
The threshold increase is good news for celebrities looking to buy luxury property and join the community of wealthy homeowners in the Philippines.
Are you looking to buy property in Philippines ? Cebu , Bongabong , Makati , Manila , Bohol
Are you looking to rent property in Philippines ? Makati , Cebu City , Lapu-lapu City , Pasay , Quezon City
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