00:00 The Bureau of Internal Revenue has now enacted a selling price threshold for the value added tax of that exemption for the sale of house and lot and other residential dwellings.
00:13 The threshold is now increased to P3,600,000, not to the P3,190,200.
00:22 This is according to the National Internal Revenue Code that the threshold should be adjusted every three years based on the Consumer Price Index.
00:33 According to BIR Commissioner Romeo Lumagi Jr., this change shows the dedication of the agency to the good service of paying the taxes.
