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Day: October 2, 2021

Clarifying the VAT on Low-Income Housing

As we know, Republic Act No. 11354 or the CREATE Act, as passed by Congress, raised the VAT exemption threshold on low-income housing to P4.2 Million, from only P2 Million beginning January 1, 2021 under the Train Law. However, President Duterte vetoed this upward adjustment, thus effectively retaining the old threshold. Consequently, on April 08, …

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BIR Amends VAT Exemption Rule

The VAT exemption threshold for the sale of house and lot packages and other residential dwellings is now at P3,199,200.00, applicable beginning 01 January 2021 per Bureau of Internal Revenue (BIR) RR 08-2021 dated 11 June 2021. The new regulation amends RR 04-2021 dated 08 April 2021, which pegged the threshold at only P2 Million …

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