Posted by Rogelio Ambrosio on Nov 29, 2012 in Others | 2 comments
May I ask regarding the taxes imposed for the sale of a house and lot viewed as an ordinary. The property is sold by a Real Estate Developer.
Hi Rogelio, for sale of real property in the Philippines held as ordinary asset, the same is subject to the following taxes:
a. 12% value added tax, unless, exempted thereof;
b. withholding tax (1.5% to 6%); and
c. 1.5% documentary stamp tax.
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Follow up question, aftr paying witholding tax, vat n doc stamps, do we stil need to pay capital gain tax?
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