MANILA – The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption for the sale of house and lot as well as other residential dwellings from nearly PHP3.2 million to PHP3.6 million.
This, as BIR Commissioner Romeo Lumagui Jr. has issued Revenue Regulations 1-2024, compliant with Section 109 (P) of the National Internal Revenue Code.
The adjustment reflected the commitment to align the threshold with present values every three years using the consumer price index as published by the Philippine Statistics Authority.
"This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from PHP3,199,200 to PHP3,600,000 gives testament to the BIR's improved and updated services," Lumagui said.
The BIR said its focus on Excellent Taxpayer Service aligns with President Ferdinand R. Marcos Jr.'s recent signing of the Ease of Paying Taxes Act.
The enactment of the legislation pushes for a modernized tax system, aiming to assist taxpayers in fulfilling their obligations, Lumagui said.
The revised revenue regulation not only reflects these commitments but also signals the government's dedication to a fair and service-oriented taxation framework in the Philippines, he added. (PNA)
