tax rate - Fixed rate of 6% of tax base.
due date - Payable within 3o days from date of execution or actual payment.
2. Creditable Withholding Tax
Not habitually engaged in in Real Estate, like acquired assets of banks.
- 6% x Tax Base (regardless of amount)
- 1.5% if selling price is Php. 5000,000.00 or below
- 3.0% if selling price is over Php. 500,000.00 up to Php. 2,000,000.00
- 5.0% if selling price is over Php. 2,000,000.00
- For cash or deferred sale
- CWT = ApplicRate x Tax Baseable
- For Installment Sale
- CWT = Applicable Rate x Amount Received or Paid
3. Documentary Stamp Tax
1. On Sale - 1.5% of Tax base
2. On Mortgage - Php. 20.00 on 1st Php. 5,000 + Php. 10.00 per succeeding Php. 5,000.00 or fraction thereof.
how to compute:
1. On Sale = 1.5% x Tax Base
2. On-Mortgage = (Amount of Mortgage x 0.2%) + Php. 10.00
or = Php. 20.00 for 1st Php. 5,000.00 + Php. 10.00 for
every succeding Php. 5,000.00 or fraction thereof
3. For Leases = Php. 3.00 for 1st Php. 2,000.00 and Php. 1.00 for every Php. 1,000.00 in excess of 1st Php. 2,000.00
due date - Payable on or before the 5th of the following after the months of sale.
5. Donor's Tax