Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr has issued Revenue Regulations No. 1-2024 which increased, for Value-Added Tax (VAT) exemption purposes, the selling price threshold of the sale of house and lot, and other residential dwelling from Php 3,199,200.00 to Php 3,600,000.00. This adjustment was made by virtue of Section 109 (P) of the National Internal Revenue Code which mandates that every 3 years the subject amount should be adjusted to its present value using the Consumer Price Index as published by the Philippine Statistics Authority.
“This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from Php 3,199,200.00 to Php 3,600,000.00 gives testament to the BIR’s improved and updated services”, Commissioner Lumagui stated.
The BIR will focus on its pillar of Excellent Taxpayer Service this 2024. President Ferdinand R. Marcos Jr. has recently signed the landmark Ease of Paying Taxes Act, paving the way for a more modern tax system, with the ultimate goal of helping taxpayers in their tax obligations. This subject revenue regulation also shows the government’s commitment to a just and service-oriented taxation in the Philippines.