The Bureau of Internal Revenue (BIR) has raised red flags on the practice of utilizing two deeds of sale in real estate transactions, branding it as a serious form of tax evasion.
BIR Commissioner Romeo Lumagui Jr has firmly declared that the common practice of dual deeds of sale is in violation of the law.
Lumagui cautioned that those apprehended by the BIR for this offense will not only incur higher penalties for the evaded taxes but also face potential criminal charges.
Watch Lumagui's video addressing the tax implications of using dual deeds of sale: