RR No. 16-2011 dated October 27, 2011 Increase in Threshold Amounts for Sale or Lease of Properties

RR No. 16-2011 dated October 27, 2011

Increase in Threshold Amounts for Sale or Lease of Properties

The following sales of properties are exempt from VAT: »-   Section 109 (P) of the Tax Code, as amended

-   Sale of residential lot valued at P1,919,500 and below

-   Sale of house a lot and other residential dwellings valued at P3,199,200 and below.

►  Section 109 (Q) of the Tax Code, as amended

-  Lease of residential units with a monthly rental per unit not exceeding
P12,800, regardless of the amount of aggregate rentals received by the
lessor during the year.

►  Section 109 (V) of the Tax Code, as amended

-               Sale or lease of goods or properties or the performance of services other
than the transactions mentioned above, the gross annual sales and/or