In general. sale of real property primarily held in the normal course of business is a VAT taxable transaction except:
a. Residential lot valued at 1,500,000 and below.
b. Sale of house and lot and other residential dwellings valued at 2,500,000 and below.
- Gross Selling Price in Sale of Real Property means the consideration stated in the sales document or Fair Market Value whichever is higher.
- If the VAT is not billed separately in the document of sale, the selling price or the consideration stated therein shall be deemed inclusive of VAT.
Initial Payment does not exceed 25% of the gross selling price:
Installment Received xxx
Add: Interest xx
Other Charges xx xxx
Taxable Base xxx