2 weeks Spare housing from VAT – real estate group Manilatimes
A real estate group has appealed anew to the government to avert the looming imposition of value-added tax (VAT) on housing purchases as millions of overseas Filipinos and low-income earners have yet to acquire their own homes. The Chamber of Real Estate and Builders’ Associations Inc. (Creba) issued the statement on Friday as Republic Act 10693 or the “Tax Reform for Acceleration and Inclusion” (Train) Law, which provides a three-year exemption from VAT payment, lapses in December 2020. The group cited a housing backlog of at least 6.57 million units, with the supply and demand gap widening by 300,000 ... more