Monday, December 05, 2011

VAT Threshold Amounts Increased

In compliance with the Consolidated VAT Regulations of 2005, the threshold amounts to be subject to the value-added tax were adjusted to the present value using the Consumer Price Index as published by the National Statistics Office (NSO).
The threshold amounts rounded off to the nearest hundred are as follows:
Section
Amount in Pesos (2005)
Adjusted threshold amounts
Section 109 (P) – sale of residential lot
1,500,000
1,919,500
Section 109 (P) – sale of residential house and lot or other residential dwellings
2,500,000
3,199,200
Section 109 (Q) – lease of residential unit
10,000
12,800
Section 109 (V) – sale or lease of goods or properties or performance of services
1,500,000
1,919,500

This will take effect starting January 1, 2012.
(Revenue Regulations No. 16-2011, October 27, 2011)

1 comment:

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