VAT threshold for sale of condo residential units has been lowered from P3,199,200 to P2,500,000

Hey guys just an alert =)

With the TRAIN (Tax Reform for Acceleration and Inclusion) Bill already signed by President Duterte, the VAT threshold for sale of condo residential units has been lowered from P3,199,200 to P2,500,000 (i.e. units P2,500,001 and above will be subject to 12% VAT). Effectivity of this is January 1, 2018.