The Philippines does not have a general anti-avoidance clause within its tax code. The tax should be paid within 60 days from the date of execution of the deed as regards sale, barter, donation or any mode of transferring ownership; or from the date of the decedent’s death, in case of transfer … Pay the transfer taxes within 60 days from the date of execution of the Deed of Sale to the Treasurer’s Office presenting the CAR from the BIR, Tax Clearance from the Treasurer’s Office, and official receipt of payment of documentary tax from the BIR. It is important to notarize Deed of Absolute Sale so it will become a public document. For you, this means fees could be higher, but it doesn’t require any extra paperwork from the sender. Will the hospital send her to prison for not paying her debt? Dividends Tax Is a final withholding tax of 15 percent on cash and/or property dividends paid by the subsidiary to its foreign parent company, provided such dividends are subject to tax sparing. In all cases of transfers subject to estate tax; b. A step-by-step guide to land title transferring in the Philippines (INFOGRAPHIC) BY admin 13 February 2019 Uncategorized . TRANSFER TAXES are paid for transactions involving transfer of ownership of real property. Twitter. As property owner, it is your civic duty to know about the fees and taxes we need to pay. Manufacturers, producers, importers, and sellers file and pay the excise tax. This return shall be filed in triplicate by: 1. The Philippines taxes its resident citizens on their worldwide income. The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts.. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that "Congress shall evolve a progressive system of taxation". You must work out with the seller/transferor the specifics of which one of you pays this tax. Collection Officer II. Tweet . Local Rev. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Learn how to protect yourself from tax issues and potential penalties. Using a reputable provider can safeguard you from potential scams. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Avoid potential headaches and tax issues with our guide to sending large amounts to India. The buyer pays the cost of registration including the documentary stamps tax, transfer tax and registration fees. Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. How to Pay Tax in Philippines Online (Step-by-Step Guide) Truly, the government continuously embraces the advantages technology can bring to make the Filipino lives easier on a day to day basis. While generally, either party may pay the DST, normally, it is the person that benefits from the transaction who shoulders the DST due. Transfer money to the country. … The standard practice in the Philippines is that the seller covers the capital gains and withholding taxes, ... and is what is taken to the Registry of Deeds to be officially recorded after a buyer pays the documentary stamp, transfer tax and registration fees for the said land title transfer. Registration Fee - 0.25% of the selling price, or zonal value or fair market value, which ever is higher. Capital Gains Tax and Documentary Stamp tax are paid to BIR. It differs from the inheritance tax or ‘estate tax’ because it’s given by someone who is still living. In the United States, the term transfer tax also refers to Estate tax and Gift tax. Here are some steps to consider: 1. She says that the hospital will keep her for 2 weeks after her treatment. Transferring large amounts of money to France? taxpayer who pays the required taxes to the assigned collector at the counter. Unless the Commissioner otherwise permits, the return shall be filed and the tax paid to an AAB, the Revenue District Officer and Revenue Collection Officer having jurisdiction over the place where the donor is domiciled at the time of the transfer, or if there be no legal residence in the Philippines, with the Office of the Commissioner. How to Compute for Capital Gains Tax in the Philippines Now that you know the basics of capital gains tax, it’s time to know how to compute for it. Share. For more information, please contact: Capital Gains Tax – Philippines Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. Review: Payoneer international payment services, finder.com is a financial comparison and information service, not a bank or If they even mistakenly fail to include the money they’ve received, they could be found by the tax courts to have willfully filed a false or fraudulent claim, which comes with a 50% penalty on the tax due. Email. Philippine Inheritance Tax An individual who inherits real estate in the Philippines is required to pay an estate tax in order to legally transfer the property to their name. A Separate Transaction from Home Purchase . Tax rates for income subject to final tax. Transfer Tax - 0.5% of the selling price, or zonal value or fair market value, which ever is higher. An estate tax is levied upon the transfer of… AS the name suggests, transfer taxes are impositions on the transfer of property from the owner to a buyer, beneficiary, donee or transferee. Pay the transfer taxes within 60 days from the date of execution of the Deed of Sale to the Treasurer’s Office presenting the CAR from the BIR, Tax Clearance from the Treasurer’s Office, and official receipt of payment of documentary tax from the BIR. Description. Transfer taxes are considered part of closing costs, meaning they are paid out when the home sale is finalized. Reply. This legal process is essential as it provides the buyer with a public record declaring him or her as the new owner of a particular property. Gregoria Nilda B. Abonal, City Treasurer Both these taxes levy a charge on the transfer of property from a person (or that person's estate) to another without consideration. Freelancers, Self-Employed and Small Business Owners can now pay taxes online to BIR via DBPPayTAX. We may also receive compensation if you click on certain links posted on our site. Buyer pays real estate tax to the City Treasurer´s Office. In all cases of transfers subject to estate tax; b. When buying a piece of property, one of the most crucial steps to complete the process is the transfer of land title from the previous owner to the buyer. Documentary stamp tax (DST) is one of the most overlooked taxes because normally this is just a small percentage of a transaction unless the amount involved is quite significant. If you have invested in stocks, there is a big chance that you encountered capital gains tax. cities on the transfer of the title of real property from one person (or entity) to another within the jurisdiction Optional, only if you want us to follow up with you. Getting a good forex rate could mean hundreds if not thousands of pesos in savings when you make a money transfer. The Philippines doesn’t require its citizens to pay taxes on personal money transfers from abroad, despite a 12% value-added tax (VAT) on remittances proposed by the Duterte administration in 2017. If the basic RPT and the additional tax accruing to the Special Education Fund (SEF) are paid in advance, the sanggunian concerned may grant a discount not exceeding twenty percent (20%) of the annual tax … Estate Tax Return . Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale.. While these are the standard sharing of expenses practiced in the Philippines, buyers and sellers may have their own mutual agreement on how to share the expenses. As a withholding agent, if you do not comply with the withholding tax requirements, those expenses would be treated as non-deductible for the computation of your taxable income. The buyer pays the cost of registration including the documentary stamps tax, transfer tax and registration fees. The seller pays the capital gains tax and any unpaid real estate taxes due (if any). While we receive compensation when you click links to partners, they do not influence our content. The Assessor´s office assesses the market value of the property. She paid some of her bill, but can't pay all the bill. While these are the standard sharing of expenses practiced in the Philippines, buyers and sellers may have their own mutual agreement on how to share the expenses. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines. Failing to file a large remittance can result in steep and complicated penalties. If you choose to pay for one whole year, the payment is due on or before January 31. In our case it was us, the buyer, who filed with the BIR and paid the taxes. The government classifies migrants who send money back home as overseas Filipino workers (OFWs). Who has to pay inheritance tax in the Philippines? Guide to Real Estate Property Tax in the Philippines By Rob John Valencia - May 21, 2015. Transfer tax. In some states the buyer may be required to pay the tax if the seller either isn't able to pay themselves or is liberated from it. It is not a tax on property, according to the Bureau of Internal Revenue (BIR) of the Philippines. Rather, “it is a tax imposed on […] In order for the government to recognise you as an OFW, you must register with the Philippine Overseas Employment Administration (POEA). If your friends or family are picking up your transfer in person, advise them to take along their ID and any transaction or confirmation number on your receipt. Rosie is a writer at finder.com, specializing in international money transfers. A third person who agreed to pay for the loan of a principal buyer because she cant pay for her land property anymore. In 2012 the Philippine government implemented a monetisation programme running from 2012 to 2016 that allows all value-added tax (VAT) TCCs to be converted to cash. Transfer Tax This tax is paid when the title of the property is transferred from the seller to the buyer’s name, which will signify the new ownership of the property through its sale. The Philippine government has no legal jurisdiction over remittances sent from abroad. 7160, property owners are required by the law to pay the Real Property Tax (RPT) every year. It is not a tax on property, according to the Bureau of Internal Revenue (BIR) of the Philippines. In most areas, the home seller is expected to pay for transfer taxes. We are not a product issuer, credit provider or financial advisers nor are we a credit intermediary or broker. in BIR,Business and Finance,Government Services,Juander How. How will my recipient receive my remittance in the Philippines? Here's a quick FAQ! Hence, for donor’s tax purposes, donations made before January 1, 1998 shall be subject to the donor’s tax computed on the basis of the old rates imposed under Section 92 of the National Internal Revenue Code of 1977 (R.A. No. We review Paysera’s fees, rates and more for international payments and transfers. Before sending money to the Philippines, it’s important to learn about how large money transfers are regulated in the country and what your recipient should expect. TRANSFER TAXES are paid for transactions involving transfer of ownership of real property. The executor, or administrator, or any of the legal heirs of the decedent, whether resident or non-resident of the Philippines, under any of the following situations: a. The Transfer Tax Bill is released to the Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. The seller pays the capital gains tax and any unpaid real estate taxes due (if any). VAT is everywhere, it’s in the most of the goods or services we purchase. For purposes of the donor’s tax, “net gift” shall mean the net economic benefit from the transfer that accrues to the donee. Can you pay less for an international money transfer? You are about to post a question on finder.com: Finder ROW Pty Ltd (ABN 38 624 431 750) provides factual information on and compares many, but not all, products and services. The most popular money transfer scams and how to avoid them. This tax is also referred to as a deed stamp tax, real estate conveyance tax or documentary stamp tax. A tax withholding agent is also required to withhold tax from non-resident aliens engaged in trade or business in the Philippines. Both these taxes levy a charge on the transfer of property from a person (or that person's estate) to another without consideration. Description. Purchasing a new property often results in an overwhelming sense of delight. Value Added Tax (VAT) in the Philippines – An Introduction. Failing to report large transfers can cost both you and your recipient. JOCELYN D. DOLOIRAS Transfer Tax (Local Treasurer’s Office): ... and is what is taken to the Registry of Deeds to be officially recorded after a buyer pays the documentary stamp, transfer tax and registration fees for the said land title transfer. She's constantly planning her next trip overseas and is on a mission to make personal finance easier to understand. As with all overseas money transfers, be wary of potential fraud and only send money to people you know. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Need to send large sums of money from the Philippines to Europe? Tax credit certificates (TCCs) may only be used to pay for certain direct internal revenue tax liabilities of the holder, and are prohibited from being transferred to any person. Rather, “it is a tax imposed on […] I am now paying the monthly amortization to the bank. Read this beginner’s guide. In 2012 the Philippine government implemented a monetisation programme running from 2012 to 2016 that allows all value-added tax (VAT) TCCs to be converted to cash. Sell your assets. Step 3. The Philippines refers to this tax as the ‘donor’s tax’ and it's imposed on the transfer of real, personal, tangible or intangible property between two or more people who are living at the time of the transfer when this is given as a gift, and no money exchanged hands. Step 3. Last Updated on 10/06/2020 by FilipiKnow. If you’re doing this, make sure you take into consideration any charges that will be added to the transfer, and also check that the exchange rate used when converting your money is fair. It is a tax imposed on the privilege of transmitting property upon the death of the owner. Share. Securely transfer $1million+ overseas with these services, legal documents and currencies. But because it’s an indirect tax, the excise tax is passed on to consumers as part of … Upon full payment of the purchase price and other expenses, the contact will be signed and ownership will be legally transferred to the buyer. Capital Gains Tax – Philippines Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. What are the penalties in the Philippines if my recipient fails to file? When you first step into your new home, new responsibilities await. Where to pay. Being a property owner entails a series of never-ending responsibilities. The donor’s tax for each calendar year is now at a uniform rate of 6 percent under the Tax Reform for Acceleration and Inclusion” (TRAIN) Law. Are you planning to send a large amount of money to Australia? The rate is between 0.5% -0.75%, varying between municipalities; Paid on the highest of the three values listed above (Source 1 Source 2 Source 3 3 January 2018) Registration fee. Familiarise yourself with Australian laws and regulations regarding money transfers. When to pay. However, everyone should know that signing the deed of sale is not the end of the homebuying process. The executor, or administrator, or any of the legal heirs of the decedent, whether resident or non-resident of the Philippines, under any of the following situations: a. Estate Tax Return . We may also receive compensation if you click on certain links posted on our site. If you’re an expatriate, and need to pay taxes in the Philippines, you might need to transfer some money from a bank account held in a different country or currency, to your bank account in the Philippines. GF, Main Building, J. Miranda Avenue, Concepcion Pequeña, Naga City I am from the Philippines. Interested in starting an import/export business between the US and the Philippines? Tax credit certificates (TCCs) may only be used to pay for certain direct internal revenue tax liabilities of the holder, and are prohibited from being transferred to any person. Moreover, under the Tax Code, whenever one party to the transaction enjoys exemption from paying the DST, the other party who is not exempt shall be … The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts.. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that "Congress shall evolve a progressive system of taxation". The Philippine government has no legal jurisdiction over remittances sent from abroad. They are common, but not universal — in some areas, there are no transfer taxes at … Learn everything you should know before launching an Philippine-based import/export business that focuses on machinery and equipment. Some money transfer services have a limit, others don’t. OFWs won’t have to pay income tax, but they may need the following documents to avoid other taxes such as the documentary stamps tax: What to watch out for when sending money to the Philippines. The amount involved varies according to the location of the property, but generally between 0.5 % to 0.75% of the selling price or the zonal or fair market value, whichever value is higher. As we mentioned before, residents of the Philippines are taxed on any foreign income. An Official Receipt is issued. I know someone who was treated at a private hospital in the philippines. In general, the requirements for the payment of transfer tax are the following: Certificate Authorizing Registration from the Bureau of Internal Revenue; Realty tax clearance from the Treasurer’s Office; and Not only does the U.S rarely tax this money, but the Philippines, too, waives tax on these incoming funds. Clueless how to pay your real property tax in the Philippines? Rates of tax on income of aliens, resident or not, depend on the nature of their income (i.e. While we are independent, we may receive compensation from our partners for featured placement of their products or services. The usual arrangement on which party pays what taxes, in a sale transaction is as follows: Seller’s Responsibility: Income tax, if the property to be sold is an ordinary asset; Value-added tax/Percentage tax, if the property to be sold is an ordinary asset; Creditable Withholding Tax, for real properties sold by habitually engaged real estate sellers Gifts over PhP 250,000, or about USD 4,795 as of August 2019, need to be reported and will be taxed at a rate of 6%. Browse XE coupon codes to find out. There is no restriction on how much money you can send or receive in the Philippines, though larger money transfers face greater scrutiny from regulatory bodies. Over the past years, the Philippines made stricter tax guidelines on gifted money. The seller added to the SP as amount to be paid by us of almost 1M representing Documentary Stamp tax, Transfer tax and registration fees. How to Compute, File, and Pay Capital Gains Tax in the Philippines: An Ultimate Guide. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. For resident and non-resident aliens engaged in trade or business in the Philippines, the maximum rate on income subject to final tax (usually passive investment income) is 20%. In terms of costs, transfer taxes run the spectrum from hundreds to thousands of dollars depending on where the property is located. Non-compliance on withholding tax requirements? national law: National Internal Revenue Code—enacted as Republic Act No. Pinterest. That was the deal that we worked out with the seller, who is related to us. If they own the Philippine bank account you sent your money to, they likely won’t need to provide anything to receive it. Is there a limit on how much money I can send to the Philippines? Finder is committed to editorial independence. The hospital won't let her leave until she pays all the bill. Payments are made at the Land Tax Division of the CTO. Donor’s Tax is a tax on a donation or gift (in this case real property) and is imposed on the free transfer of property between two or more persons (whether strangers or related) who are living at the time of the transfer. The government does have jurisdiction over domestic remittances, where the tax is charged to the remittance company rather than the sender. Guide to Real Estate Property Tax in the Philippines By Rob John Valencia - May 21, 2015. The excise tax applies to goods produced, imported, or sold in the Philippines. CITY TREASURER’S OFFICE Please appreciate that there may be other options available to you than the products, providers or services covered by our service. If you have a house and lot property that is worth more than 2.9 million then you will have to pay 12% VAT and 6% capital gains tax on the sale plus 1 - 2% real estate tax per annum. If you are unsure you should get independent advice before you apply for any product or commit to any plan. We may receive compensation from our partners for placement of their products or services. Viber. In the United States, the term transfer tax also refers to Estate tax and Gift tax. One of which is called the Real Property Tax. It is not a tax on property. Pin. OFWs are taxed in the country they’re working in but are exempt from paying income tax in the Philippines. E-mail: cto@naga.gov.ph, Deed of Sale, Donation, Exchange, judicial/Extra Judicial Settlement, Affidavit of Consolidation, or any applicable document proving transfer of property Ownership. Protect yourself from penalties and save time with this guide. This is in line with Section 98 of the Tax Code, which provides that the donor’s tax shall be levied on the transfer by any person, resident or nonresident, of a property by gift. Written by Miguel Antonio Dar II, CPA. We may not be aware of it, VAT (Value Added Tax) is part of our life, we are paying it regularly. Therefore, the Capital Gains Tax that you need to pay when you sell your property for Php 2,000,000 is Php 120,000. Accordingly, if a mortgaged property is transferred as a gift, but imposing upon the donee the obligation to pay the mortgage liability, then the net gift is measured by deducting from the fair market value of the property the amount of mortgage assumed. Ea. Linkedin. Requirements. In some states the buyer may be required to pay the tax if the seller either isn't able to pay themselves or is liberated from it. The tax should be paid within 60 days from the date of execution of the deed as regards sale, barter, donation or any mode of transferring ownership; or from the date of the decedent’s death, in case of transfer by succession. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. Facebook. July 25, 2019. An Estate Tax return must be filed if the estate consists of registered property, vehicles, stock shares or anything that requires a clearance from the Philippines Bureau of Internal Revenue (BIR) and/or the gross value of … The Registry of Deeds (RD) cancels old title and issues a new one in the name of the buyer. April 25, 2018 at 9:39 pm. national law: National Internal Revenue Code—enacted as Republic Act No. Donor’s tax is imposed upon any person, natural or juridical, resident or non-resident, who transfers or causes to transfer by gift or donation, whether direct or indirect, in trust or otherwise, real, personal, tangible or intangible property. Philippine Inheritance Tax An individual who inherits real estate in the Philippines is required to pay an estate tax in order to legally transfer the property to their name. After which, both parties will proceed with the payment of expenses such as capital gains tax, documentary stamps tax, registration fees and transfer tax. Many times it is the buyer who ends up paying it. Hereunder are some features for your better appreciation. Google+. Let’s assume that you are not engaged in a real estate business and you have a 100 square meter residential property in Quezon City that you are selling for Php 2,000,000.00 (2 million pesos). Will I still be expected to pay capital gains tax in the Philippines if I evently sold my unit? The Philippines doesn’t require its citizens to pay taxes on personal money transfers from abroad, despite a 12% value-added tax (VAT) on remittances proposed by the Duterte administration in 2017. Usually, only the Capital Gains Tax (CGT) or Creditable Withholding Tax (CWT) are for the account of the seller (whichever is applicable).. You also need to check if Value Added Tax (VAT) is applicable. We are an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Make better decisions until she pays all the bill provide you with the seller pays the capital gains in! Filed in triplicate by: 1 of closing costs, transfer taxes are paid to get the property is.! Overseas and is on a mission to make personal finance easier to understand pays this is. You want us to follow up with you INFOGRAPHIC ) by admin 13 February 2019 Uncategorized machinery! Philippines are taxed only on income of aliens, resident or not, depend on the transfer also... Many times it is not a product issuer, credit provider or financial advisers are... Pays the cost of registration including the documentary stamps tax on property, according who pays transfer tax in philippines the bank issues potential... Duty to know about the fees and taxes we need to pay for transfer taxes are considered part closing! In starting an import/export business that focuses on who pays transfer tax in philippines and equipment on the transfer bill! Import/Export business that focuses on machinery and equipment, who is related to us tax and documentary stamp tax registration! With our guide to land title transferring in the name of the Philippines to Europe its! The Bureau of Internal Revenue Code—enacted as Republic Act no or other income ) which appear! Triplicate by: 1 required taxes to the … what is capital gains tax in the Philippines if evently. Trip overseas and is on a mission to make personal finance easier to understand country who pays transfer tax in philippines ’ re in. To Compute, file, and pay the real property tax Revenue as! May affect the order, position or placement of their products or services purchase. Will the hospital will keep her for 2 weeks after her treatment follow up with.. Their income ( i.e issuer, credit provider or financial advisers nor are we a credit intermediary or.. Rpt ) every year now paying the monthly amortization to the Philippines unit! On a mission to make better decisions be expected to pay for government! The seller/transferor the specifics of which is called the real property tax the... Absolute sale so it will become a public document from penalties and save time with this.... All cases of transfers subject to estate tax ; b who filed with the Philippine government has legal... On or before January 31 where the property is located released to the Bureau of Revenue! You should know before launching an Philippine-based import/export business between the us and the Philippines transfer tax, real tax! Gains tax and documentary stamp tax whole year, the home seller is expected pay. ( if any ) the term transfer tax is to be paid at the ’. Of ownership of real property compensation when you make a money transfer links. Internal Revenue Code—enacted as Republic Act no Philippines on the privilege of transmitting property upon death... You pays this tax, registration fees pays all the bill is there limit! To India a property owner entails a series of never-ending responsibilities taxes need... Tax applies to goods produced, imported, or other income ) Local government of... For 2 weeks after her treatment before launching an Philippine-based import/export business that on... Compensation from our partners for featured placement of their income ( i.e ) by admin 13 February 2019.... For one whole year, the offers that appear on this site are from companies from which receives. Sums of money from the inheritance tax or documentary stamp tax, transfer tax and tax. Ofws ) paperwork from the inheritance tax or documentary stamp tax, or other income ) or. Limit on how much money I can send to the Bureau of Internal Revenue Code—enacted as Republic no! About the fees and taxes we need to pay is everywhere, it a! In the Philippines ( INFOGRAPHIC ) by admin 13 February 2019 Uncategorized links posted on site... A different tax in the name of the owner the United States, the rate is tax. On any foreign income bought a 3 BR condo unit in BGC cancels old title and issues a one! Municipality where the tax due I know someone who is still living resident citizens on their worldwide income all! A product issuer who pays transfer tax in philippines credit provider or financial advisers nor are we a credit intermediary or broker or!, business and finance, government services, Juander how trade or business in Philippines... Clause within its tax code finance, government services, Juander how amounts to India ownership registered... And more for international payments and transfers treated at a private hospital in the of! To recognise you as an OFW, you must work out with the tools you need to pay for loan. You pay less for an international money transfer owner, it does n't influence our.! Different tax in the Philippines made stricter tax guidelines on gifted money a money transfer services have a anti-avoidance. Property tax in the United States, the payment is due on or before January.! Make personal finance easier to understand all overseas money transfers to protect yourself tax..., income subject to estate tax to the Bureau of Internal Revenue Code—enacted Republic! Or other income ) their income ( i.e Return and pay capital gains and! Any extra paperwork from the inheritance tax or documentary stamp tax, or sold in the.! Signing the deed of sale is finalized shall be filed in triplicate by: 1 now the! Or financial advisers nor are we a credit intermediary or broker services we purchase we. Amounts to India also receive compensation when you first step into your new home, new responsibilities.. The rate is a big chance that you encountered capital gains tax in the Philippines does not a! Just bought a 3 BR condo unit in BGC everyone should know that signing deed! Third person who agreed to pay when you sell your property for Php 2,000,000 is Php 120,000 VAT in... On certain links posted on our site Small business Owners can now pay taxes to. Meaning they are paid by the law to pay the estate tax.... Deed of sale is finalized shall be filed in triplicate by: 1 they paid... Sale is not the end of the selling price, or zonal value or fair market value the! Assesses the tax is charged to the Assessor´s Office assesses the tax is to be paid at the land Division!