𝐐𝐮𝐢𝐜𝐤 𝐭𝐚𝐱 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧: When a property is sold, what value will the BIR use as basis to compute the tax?
𝐀𝐧𝐬𝐰𝐞𝐫: The Schedule of Market Values or the actual gross selling price, whichever is higher!
Based on our experience, many buyers are shocked upon getting the Computation Sheet from the BIR because they only prepared for the amount of tax based on the selling price. This can lead to a shortage of funds, which then results in penalties due to late payment.
We care about our tax-mates, and so we are reminding everyone to always include this rule in your financial planning for real estate transactions. 🙂
Atty. Anne, CPA, CTT
Atty. Anne, CPA, CTT
𝐐𝐮𝐢𝐜𝐤 𝐭𝐚𝐱 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧: When a property is sold, what value will the BIR use as basis to compute the tax?
𝐀𝐧𝐬𝐰𝐞𝐫: The Schedule of Market Values or the actual gross selling price, whichever is higher!
Based on our experience, many buyers are shocked upon getting the Computation Sheet from the BIR because they only prepared for the amount of tax based on the selling price. This can lead to a shortage of funds, which then results in penalties due to late payment.
We care about our tax-mates, and so we are reminding everyone to always include this rule in your financial planning for real estate transactions. 🙂
#RealEstate #CGT #DST
4 months ago | [YT] | 1
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