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Taxes

After notarization of the Deed of Absolute Sale, to avoid penalties and surcharges schedule of payment of taxes are as follows:

Capital Gains Tax – within 30 days after notarization of Deed of Sale

Documentary Stamp Tax – every 5th day of the month after notarization Deed of Sale

Transfer Tax – 60 days after execution of Deed of Sale

 

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.

Final Capital Gains Tax for Onerous Transfer of Real Property Classified as Capital Assets (Taxable and Exempt)

Documentary Requirements

1) One original copy and one photocopy of the Notarized Deed of Sale or Exchange
2) Photocopy of the Transfer Certificate of Title; Original Certificate of Title; or Condominium Certificate of Title
3) Certified True Copy of the tax declaration on the lot and/or improvement during nearest time of sale
4) “Certificate of No Improvement” issued by the Assessor’s office where the property has no declared improvement, if applicable or Sworn Declaration/Affidavit of No Improvement by at least one (1) of the transferees
5) Copy of BIR Ruling for tax exemption confirmed by BIR, if applicable
6) Duly approved Tax Debit Memo, if applicable
7) “Sworn Declaration of Interest” as prescribed under Revenue Regulations 13-99, if the transaction is tax-exempt
8) Documents supporting the exemption.

Tax Rates
For real property – 6%.

Deadline
Within 30 days after each sale, exchange, transfer or other disposition of real property.

Documentary Stamp Tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.

Documentary Requirements

1) Photocopy of document(s) to which the documentary stamp shall be affixed, in case of constructive affixture of Documentary Stamp Tax
2) For metering machine users, a schedule of the details of usage or consumption of documentary stamp
3) Proof of exemption under special law, if applicable
4) Duly approved Tax Debit Memo, if applicable

Deadline
The Documentary Stamp Tax return shall be filed within five (5) days after the close of the month when the taxable document was made signed, issued, accepted or transferred

Source: www.bir.gov.ph

 

REAL PROPERTY TAX ASSESSMENT SUPPORTING DOCUMENTS REQUIREMENT

 

                                                     TRANSFER OF OWNERSHIP

 TRANSFER THRU INHERITANCE (TI)

-Certificates of Authorizing Registration (CAR-BIR)

-Transfer Tax (TT)

-Extra –judicial Settlement

-Realty Tax Clearance (CTO)

-Tax Declaration (LAND/BUILDING)

-Transfer of certificate of title (TCT)

-Publication

-Sworn Statement (SS)

-Late Filing fee (if any)

 

TRANSFER THRU COURT OF ORDER (TO)

-Realty Tax Clearance (CTO)

-Court Decision /Judgment

-Tax Declaration

-Title

-Finality o Judgment

-Transfer Tax (TT)

 

TRANSFER OF OWNERSHIP THRU DONATION (TN)

-Certification of Authorizing Registration (CAR-BIR)

(Donor’s Tax)

-Transfer Certificate of Title

-Deed of Donation

-Transfer Tax (TT)

-Realty Tax Clearance (CTO)

-Tax Declaration (LAND/BUILDING)

-Transfer Certificate of Title (TCT)

-Sworn Statement (SS)

-Late Filing Fee (If any)

 

TRANSFER OF LAND/BUILDIN G THRU SALE

-Certificate of Authorizing Registration (CAR-BIR)

-Transfer Tax (TT) (CTO)

-Deed of Sale/Affidavit of Sole Heir/Affidavit of Consolidation

-Ready Tax Clearance

-Tax Declaration of Land or Building (TD)

-Transfer of Certificate of Title (TCT)

-Sworn Statement (SS)

-Late Filing Fee (if any)

 

 

FEES AND FINES

Resolution No. 1169 0f CITY ordinance 1437 of Article 204 Rule XXXL of the Implementing Section 203 of Republic Act no. 7160.

 

  1. Fines upon failure to file within 60 days after the acquisition of such property as evidenced by a duly notarized of deed of sale / conveyance upon completion / occupancy of the newly constructed bldg. Owned by juridical and natural persons.

-Standard fine of 20.00 plus ¼ of 1% of AV (Assessed Value)

– Additional of 5.00 pesos for secretary fee

2.    Fines upon failure to file within 60 to 90 days after acquisition of Real Property as evidenced by a duly

Notarized of deed of sale / Conveyance or affidavit of consolidation owned by corporation, partnership

And association.

-A fine of not less than 1,000 nor more than 5,000

 

 

Source:  Office of the City Assessor