14/06/2021
“OSHDP Lauds DOF and BIR on Keeping Threshold For Vat-Free Housing”
The Bureau of Internal Revenue (BIR) has recently issued Revenue Regulations (RR) No. 8-2021 amending certain provisions of RR No. 4-2021 which implemented the Value-Added Tax (VAT) provisions under Republic Act (RA) No. 11534 or the “Corporate Recovery and Tax Incentives for Enterprises Act” (CREATE).
On behalf of the affordable housing stakeholders, the Organization of Socialized and Economic Housing Developers of the Philippines (OSHDP) sincerely expresses its gratitude to the Secretary of Finance, Hon. Carlos G. Dominguez, III for heeding our call to keep the VAT exemption threshold at PhP 3,199,200.00 for housing.
Citing the adverse effect of the pandemic and urgent need to address the plight of the poor and low-income Filipinos, OSHDP, joint with the National Real Estate Association, wrote the good Secretary, and clamored that the right policy to implement today is to suspend the implementation of the reduced VAT-exempt threshold under the TRAIN law, or to implement the same in a manner least prejudicial to the most adversely impacted segment of the society.
OSHDP hails DOF and BIR’s sensitivity to the pandemic-affected poor and low-income workers in helping find solutions to bridge the country’s massive housing gap, and uphold the Filipino family’s universal right to decent and affordable housing.
Read copies of RR 8-2021 and OSHDP-NREA Letter here: bit.ly/OSHDPnews
