When we like to buy a certain particular piece of land or house & lot, we are keen to know certain payment terms included. Aside from the regular package price in the sample computation, you will also notice miscellaneous fees like processing fee and transfer of title. For other certain higher amount, VAT (Value Added Tax) might be applicable.
If your planning to buy a residential lot only property, the vatable amount is P 1,919,500 pesos.
For residential house and lot, the vatable amount is P 3,199,200 pesos.
And for rentals, the vatable amount is P 12,800.
For example, if you buy a residential lot at 2,500,000 you will have a 12% VAT
So, 2,500,000 X 12% = P 300,000
Your total payable is 2,500,000+ P 300,000 = P 2,800,000 pesos
That’s how the VAT is computed and added to the total price…
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