08/02/2023
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THE long-awaited luxury tax measure has been billed as a tax on βnon-essentialsβ 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 βnon-essentialsβ 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...