The booming real estate industry has caught the attention of the Bureau of Internal Revenue (BIR), which plans to require developers to advance payment of value-added tax (vat) on real estate assets.
Real estate firms at present pay the 12 percent VAT on property when it is fully sold.
Under the BIR’s proposed revenue regulation, they will be required to pay 3 percent VAT every year. If the property is paid for in cash, the seller will be required to remit the 3 percent on or before the 10th of the month following the sale and the remainder of the 12 percent on the 25th.
In the current practice, real estate firms are required to pay the entire 12 percent on the 25th of the month following the sale.
BAYOMBONG, Nueva Vizcaya: Gov. Luisa Lloren Cuaresma, apparently slighted by the seeming disregard of a foreign mining firm for the provincial government’s “cease and desist order,” on Tuesday advised officials of the Australian mining firm to just leave the province if it could not pay the taxes and fees being…
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The Supreme Court, voting 7-4, has denied the petition filed by Lucio Tan’s Asia’s Emerging Dragon Corporation (AEDC), seeking to operate the controversial Ninoy Aquino International Airport – International Passenger Terminal 3 (IPT 3) after the government abandoned its contract with its builder Philippine International Air Terminals Co., Inc. (PIATCO)…
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Amidst the US economic slowdown, a Filipino developer of affordable medium rise condominiums north of Manila is looking to non-US overseas Filipino workers (OFW) markets to continue addressing the need for quality homeownership.
At the sidelines of the launch of its newest development, Belton Communities Inc. Sr. AVP for…
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Robinsons Land Corp. plans to boost the number of its malls over the next five years as it pursues an aggressive growth strategy across the country, company president and chief operating officer Frederick Go said. He said as many as 16 new malls would be set up until 2013 at…
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Mall developer and operator SM Prime Holdings Inc. said on Friday it is spending P33 billion ($787 million) in the next five years to fund domestic expansion. The company said the five-year budget includes P6 billion this year for the construction of three new malls and the upgrade of three…
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A Hanjin Heavy construction project inside a protected forest raises a storm of protest.The Philippines’ Subic Watershed Forest Reserve is 9,800 hectares of primeval forest, a lowland ecosystem of 745 different plant species, including three that are endangered and four others that are potentially threatened. Virtually the last bit…
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Unfazed by the soured investment of Fraport AG in the controversial Ninoy Aquino International Airport Terminal-3, another German company has signified interest to participate in the proposed bidding of the incomplete construction works in the facility.
Henry Schumacher, executive vice president of the European Chamber of Commerce of the…
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AN upscale property developer remains upbeat about prospects in the real estate industry in the country despite the looming recession in the United States, which could hurt the local property market.
“Whatever affects the US, affects the world. But now, the effect (on the real estate market in the…
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The Philippines' biggest property developer Ayala Land (ALI.PS: Quote, Profile, Research) said on Monday an affiliate would form a joint venture with India's Mahindra Group to build an exclusive residential development in Chennai.
Mahindra will own 51 percent of the joint venture and the remainder will be owned by…
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Australian company Medusa Mining said it was on track in a first-phase expansion that would triple by late 2009 its annual output to 60,000 ounces of gold from its Co-O mine in the southern province of Surigao del Sur.
In a report to investors, Medusa said it was producing…
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With overseas Filipino workers (OFWs), retirees as well as those in the business process outsourcing companies stimulating demand for residential homes, another sector is reaping profits: construction industry.
Indeed, with the country's construction industry enjoying a rebound (after the financial crisis that erupted in Asia in mid-1997), one event manager believes holding two events-one in Cebu this June and another in Manila this September-would definitely show how far the industry has marched forward.
BAYOMBONG, Nueva Vizcaya: Gov. Luisa Lloren Cuaresma, apparently slighted by the seeming disregard of a foreign mining firm for the provincial government’s “cease and desist order,” on Tuesday advised officials of the Australian mining firm to just leave the province if it could not pay the taxes and fees being collected by her administration.
“If you can’t pay, then better get out,” the irate Cuaresma told officials of the Australian-owned Oceana Gold Phils. led by Jake Foronda, general manager of its Didipio Gold-Copper Project, at the field office of the province’s Environment and Natural Resources Office in the said mining village in Kasibu, Nueva Viscaya, where the firm is conducting mining exploration activity.
NET Group of the Rufino family has won the rights to acquire and develop a prime 1.2-hectare property in Bonifacio Global City for P2.032 billion.
Bases Conversion Development Authority president Narciso Abaya said the winning bid of P168,889.11 per square meter , or P2.032 billion, was above the agency’s minimum price of P160,000 per sq. m., or P1.925 billion, for the property.
The property is directly adjacent to the West Super Block that will house Philippine Stock Exchange, six-star Shangri-La Hotel and high-end residential condominiums of Shangri-La and Ayala Land.
Unfazed by the soured investment of Fraport AG in the controversial Ninoy Aquino International Airport Terminal-3, another German company has signified interest to participate in the proposed bidding of the incomplete construction works in the facility.
Henry Schumacher, executive vice president of the European Chamber of Commerce of the Philippines, told reporters that the German firm was interested in being part of a consortium that would undertake the unfinished contracting works in the airport terminal.
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With overseas Filipino workers (OFWs), retirees as well as those in the business process outsourcing companies stimulating demand for residential homes, another sector is reaping profits: construction industry.
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