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This is a follow up to my post about the possibility that Paranaque City will be adopting a revised schedule of values for real properties. It turns out that Paranaque City Ordinance No. 31-2011* was approved by the City Council and Paranaque Mayor Jun Bernabe last October 13, 2011, and was later published in the [...]
Real Estate Taxation
The BIR has just released Revenue Regulations (RR) No. 16-2011 (posted at the BIR Website) dated October 27, 2011 which increased the threshold amounts for VAT on the sale of residential lots and house and lots and the lease of residential units, as well as the threshold amount for the sale of goods and services subject to [...]
I spotted this tarpaulin along Sucat Road across Duty Free Philippines and I thought Paranaque residents might want to check this out. The tarp says a public hearing on “Adopting the revised schedule of values of real property in the City of Paranaque” will be conducted from September 12-15, 2011. I’m not really sure if [...]
So you have announced to the world that you are now a real estate investor, and suddenly, everyone has a property they want to show to you. This often happens to me, and can also happen to you as follows. A friends calls and says “Hey Jay, I found a foreclosed property for sale and [...]
A post by Cherry Castillo In my earlier post, I noted that the BIR has been releasing issuances showing that they are keen on collecting more revenues from real property transactions by updating real property values. I also noted from the BIR’s Memorandum of Agreement with CREBA Land that the BIR’s target date for the [...]
Assuming that you already have a property which you intend to sell or lease out, it is important to know whether or not VAT applies to your real estate transactions, and how you can avoid the imposition of VAT. Same goes if you intend to buy a foreclosed property. Incoming search terms: vat on sale [...]
There are different DST rates on different types of transactions. In my previous post on How to Easily Compute DST, I was referring to DST on the sale of real property. Please note that there is DST too on loan agreements, lease agreements, and mortgages, and there are also exemptions from DST. For this post, [...]
When buying a foreclosed property, the buyer often shoulders the Documentary Stamp Tax (DST). In the Buena Mano Green Tag Foreclosed Property listings for example, it is explicitly stated that DST is for the account of the buyer and DST is 1.5% of the Selling Price (SP) or Zonal Value (ZV), whichever is higher. To [...]
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