MANLA, Philippines -- The booming real estate industry has caught the attention of the Bureau of Internal Revenue (BIR), which plans to require developers to advance payment of value-added tax (vat) on real estate assets.
Real estate firms at present pay the 12 percent VAT on property when it is fully sold.
Under the BIR’s proposed revenue regulation, they will be required to pay 3 percent VAT every year. If the property is paid for in cash, the seller will be required to remit the 3 percent on or before the 10th of the month following the sale and the remainder of the 12 percent on the 25th. > > > [ full story ]
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