Business Tax - What you Should Know

BUSINESS TAX :

Most of Us are aware that taxes, recently passed or old regulations are now being implemented.  Here’s one that continues to be an issue when a Real Property is being transacted.  Take note that Business Tax is a Local Government Unit ( LGU )  tax and has nothing to do with Bureau of Internal Revenue, Assessor’s Office nor Register of Deeds, although closely interrelated with the Assessor’s Office as one can’t get a tax clearance without paying Business Tax. 

Business Tax started in Pasig, then implemented in Quezon City and about 4-5 years ago, in Taguig.  Rest assured it will be also implemented in other cities, just a matter of time.

Business Tax is applicable to commercial and residential properties.  The Individual and Corporation’s TIN # is crucial as the LGU bases the Business Tax on the TIN # so it’s good to be aware how your TIN # is registered.

Business Tax is for the account of the Seller.  Business Tax is related to where the Business is registered.  In Pasig, if your business is registered elsewhere other than Pasig, Business Tax is 70% of 3% of  Selling Price. 

Business Tax is from the Local Government Unit and must be paid before any Tax Clearance is released.

This is just a short blog about Business Tax and meant to give awareness to All.

A Great Weekend To All.

www.robertgsarmiento.com

PRC REBL # 6569

PRC Lecturer’s License # 0294

robert
Robert G. Sarmiento Properties

Professional Affiliation :

Philippine Association of Real Estate Boards

Member, City of Taguig Real Estate Board 2016, 2017

Real Estate Broker’s Association of the Philippines

President, Greenhills Chapter 2008, 2009

Philippine Association of Real Estate Boards 2000-2015

San Juan Mandaluyong Chapter 1998, 1999

PRC # 6569

Lecturer’s License # 0294

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