Home Mortgage Relief Act Of 2014 (Senate Bill No. 2148 full text) Proposes Tax Incentives For First-Time Homebuyers

Updated on April 8, 2014 by 8 Comments
“Owning a home is a keystone of wealth… both financial affluence and emotional security”. -Suze Orman

Last Friday, April 4, 2014, we heard over the radio that Sen. Sonny Angara filed Senate Bill No. 2148 (Home Mortgage Relief Act of 2014) which proposes that tax incentives be given to first-time homebuyers. But how exactly does the proposed bill intend to do this? I'll try to answer this below, and … [Read more...]

Is BIR RR No. 10-2013 Favorable To Violators Of The RESA Law?

Updated on August 13, 2013 by 10 Comments

Some PRC-licensed real estate service practitioners (RESP's) believe that the newly-released Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 10-2013 dated May 2, 2013 is favorable to violators of the RESA Law. But what exactly does BIR RR No. 10-2013 really say? … [Read more...]

Tax Planning For Real Estate Using Corporations And BIR RR No. 6-2013

Updated on July 9, 2014 by 8 Comments
Taxes make a man sad...

The Bureau of Internal Revenue (BIR) has just released Revenue Regulations (RR) No. 6-2013 dated April 11, 2013 which amends BIR RR No. 6-2008, or the Consolidated Regulations Prescribing the Rules on the Taxation of Sale, Barter, Exchange or Other Disposition of Shares of Stock Held as Capital … [Read more...]

Homeowner’s association dues now subject to income tax and VAT (RMC No. 9-2013)

Updated on July 9, 2014 by 29 Comments
VAT and income tax on homeowners associations

Sorry to be the bearer of bad news, but we all saw this coming. Not long after the imposition of income tax and value-added tax (VAT) on condominium dues comes Revenue Memorandum Circular (RMC) No. 9-2013 dated January 30, 2013 which imposes income tax and VAT on homeowners’ association dues. … [Read more...]

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