Buyers of celebrity
houses in the Philippines will be pleased by new tax thresholds announced
this week.
The VAT cut-off point has been raised by The Philippino
Bureau of Internal Revenue (BIR), allowing more transactions to be exempt from the
tax.
Property transaction thresholds have gone up from PP1.5 million to just
under 2 million (1,919,500), reports OPP, and land deals
including a house plot worth less than P3,199,200 (increased from P2.5 million)
are now free of extra charges.
Landlords will also be exempt from tax if total
rental amounts are under P12,800 per year.
The threshold increase is good news for celebrities looking
to buy luxury property and join the community of wealthy homeowners in the Philippines.
