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Manila Bulletin devider Business devider BIR exempts residential properties below P3.6 M from VAT

BIR exempts residential properties below P3.6 M from VAT

Published Jan 17, 2024 08:50 am

At A Glance

  • The Bureau of Internal Revenue (BIR) increased value-added tax (VAT) exemption threshold for residential properties to below P3.6 million.<br>Commissioner Romeo Lumagui Jr. announces the exemption through Revenue Regulations No. 1-2024. <br>The threshold was raised from P3.199 million, which is in accordance with Section 109 (P) of the National Internal Revenue Code.

The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption on the sale of residential properties.

In a statement, BIR Commissioner Romeo Lumagui Jr. said on Wednesday, Jan. 17, that house and lots, as well as other residential properties priced at P3.6 million and below will be exempt from the 12 percent VAT.

Lumagui's announcement follows the issuance of Revenue Regulations No. 1-2024 by the BIR, which raised the exemption threshold from P3.199 million.

The new BIR regulations increased, “for VAT exemption purposes, the selling price threshold of the sale of house and lot, and other residential dwelling from P3,199,200.00 to P3,600,000.00.”

Lumagui explained that the adjustment was made in accordance with Section 109 (P) of the National Internal Revenue Code, which requires the threshold to be updated every three years using the Consumer Price Index of the Philippine Statistics Authority.

"This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service,” Lumagui said.

“This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from P3,199,200.00 to P3,600,000.00 gives testament to the BIR's improved and updated services,” he added.

Additionally, Lumagui said the BIR is committed to prioritize Excellent Taxpayer Service in 2024. 

He emphasized that the recently enacted Ease of Paying Taxes Act is a significant milestone towards establishing a more modern tax system, ultimately aiming to aid taxpayers in fulfilling their tax obligations.

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Bureau of Internal Revenue (BIR) BIR Commissioner Romeo Lumagui Jr.
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