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Revenue Regulations · RR

RR 1-2024

To implement the adjustment of the selling price threshold of the sale of house and lot, and other residential dwellings for Value-Added Tax (VAT) exemption purposes.

Bureau of Internal RevenueIndependent research copy
Document type
RR
Number
1
Year
2024
Text quality
Not specified

Document text

Reference copy · verify against the official source
Revenue Regulations No. 1-2024 (issued January 15, 2024) increases the selling price threshold for VAT exemption on the sale of house and lot and other residential dwellings to Php 3,600,000.00, up from the previous Php 3,199,200.00, based on 2023 Consumer Price Index values published by the Philippine Statistics Authority. The adjusted threshold takes effect beginning January 1, 2024, and the amount shall be adjusted every three (3) years thereafter using the CPI. The issuance further amends Section 2, Sub-section 4.109-1(B)(p) of RR No. 4-2021, as amended by RR No. 8-2021.