08/02/2023
๐ง๐ต๐ฒ ๐ฏ๐ฒ๐๐ ๐๐ถ๐บ๐ฒ ๐๐ผ ๐ถ๐ป๐๐ฒ๐๐ ๐ถ๐ ๐ก๐ข๐ช!
THE long-awaited luxury tax measure has been billed as a tax on โnon-essentialsโ like jewelry, high-end bags and watches, luxury cars, private jets, and upscale residential property, with the proposed rate on these items set at 25%.
Luxury goods also covered in the bill are residential property worth more than P100,000 per square meter.
That means sales of real property will be taxed 12%VAT +6% Capital Gains +25% luxury tax = 43% if the bill is passed into law.
Source:
bworldonline.com
THE long-awaited luxury tax measure has been billed as a tax on โnon-essentialsโ like jewelry, high-end bags and watches, luxury cars, private jets, and upscale residential property, with the proposed rate on these items set at 25%. House Bill No. 6993, filed by Albay Rep. Jose Ma. Clemente S. S...