Podcast
Questions and Answers
What is the deadline for filing the monthly VAT return?
What is the deadline for filing the monthly VAT return?
What is the deadline for filing the quarterly VAT return?
What is the deadline for filing the quarterly VAT return?
What type of real property sale is exempt from VAT?
What type of real property sale is exempt from VAT?
What is the VAT threshold for sale of real properties?
What is the VAT threshold for sale of real properties?
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How often is the VAT threshold for sale of real properties adjusted?
How often is the VAT threshold for sale of real properties adjusted?
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What is the adjusted VAT threshold for sale of real properties starting January 1, 2024?
What is the adjusted VAT threshold for sale of real properties starting January 1, 2024?
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Study Notes
VAT Return Filing Deadlines
- Monthly VAT return must be filed on or before the 20th day of the month following the close of the 1st two months of the quarter (specific dates: February 20, March 20, May 20, June 20, August 20, September 20, November 20, December 20)
- Quarterly VAT return must be filed on or before the 25th day of the month following the last month of the quarter (specific dates: April 25, July 25, October 25, January 25)
VAT-Exempt Transactions
- Sale of real properties that are:
- Not primarily held for sale to customers or held for lease in the ordinary course of trade or business
- Utilized for socialized housing
- House and lot/other dwellings (condominium) valued at less than Php2,000,000.00 (as of January 01, 2021)
VAT Threshold for Sale of Real Properties
- Sale of real properties is subject to VAT if:
- House and lot/other dwellings are valued at more than Php2,000,000.00
- Lot only is valued at more than Php2,000,000.00
- The sale is vatable regardless of the amount
Adjustments to VAT Threshold
- As of January 01, 2021, the VAT threshold for house and lot/other dwellings is Php3,199,200.00 (as per RR No. 8-2021)
- The VAT threshold will be adjusted every three years using the Consumer Price Index (CPI) as published by the Philippine Statistics Authority
- Next adjustment is expected to apply starting on January 1, 2024
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Description
Learn about the deadlines for filing monthly and quarterly VAT returns, as well as the transactions exempt from VAT payment, including sale of real properties and others.
