November 04, 2016
CERTIFICATES of Tax Exemption (CTEs) covering the transfer of land intended for use in government socialized housing projects will be prioritized by the Bureau of Internal Revenue (BIR), under an agreement signed with housing regulators.
The memorandum of agreement (MoA) was signed by the bureau, the Housing and Urban Development Coordinating Council (HUDCC) and the National Housing Authority (NHA).
BIR Commissioner Caesar R. Dulay, Vice-President and HUDCC Chairperson Maria Leonor G. Robredo and NHA Acting General Manager Marcelino P. Escalada, Jr., signed the MoA on the availment of tax incentives for government socialized housing projects, the BIR said in a statement e-mailed to reporters.
The MoA is pursuant to Republic Act (RA) No. 7279, or the “Urban Development and Housing Act of 1992,” which mandates that the NHA be exempted from the payment of fees and charges of any kind, including income and real estate taxes.… Continue Reading ...