A Home for Every Filipino
The Chamber appeals anew for immediate government intervention against the looming value-added tax imposition on housing purchases, as the three-year reprieve under Republic Act No. 10693 or the Tax Reform for Acceleration and Inclusion (TRAIN Law) ceases by December 2020. Such intervention is imperative not only to stimulate the housing industry as the number one …
CREBA supported the passage of Republic Act 10884 or the amended balanced housing act in 2016 to make current housing laws work by ridding the Urban Development and Housing Act (Republic Act 7279 of 1992) of stumbling blocks to socialized housing production. Under R.A. 10884, the requirement for subdivision developers to develop socialized housing equivalent …
Socialized housing: better pricing and loan terms combined Read More »
Starting January 1 this year, real estate buyers can already enjoy added relief from value-added taxes (VAT) with the passage of BIR Revenue Regulation No. 16-2011, which effectively increases the threshold amounts for VAT-exempt transactions, as follows: (1) From Php1.5 Million to Php1,919,500 for residential lots; and (2) From Php2.5 Million to Php3,199,200 for house …
Higher VAT-exemption thresholds open new opportunities Read More »
Two thousand eleven has been a time of plenty and a year of many firsts for the Chamber of Real Estate & Builders’ Associations, Inc. (CREBA). While many countries in the world have seen continuing what could be referred to as eclectic property downturns and various “Occupy” movements battling against so-called “corporate greed” and social …
The Value-Added Tax was first adopted in the Philippines on 25 July 1987 when then President Corazon Aquino promulgated Executive Order (EO) No. 273 pursuant to her emergency powers. The EO pegged the VAT at 10%. Five groups including the labor organization Kilusang Mayo Uno petitioned the Supreme Court to nullify EO 273 on various …
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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