Best Posts in Thread: Philippines Government Accusations

This is another phrase the Philippines has hijacked from the English language use wrongly and call it a misnomer if you question it.
If you sell property here they tax the full amount at 6%, which means you could have bought property 2 years ago at 2M when the market was good but now become desperate for cash and sell at 1.5M, they will take 6% of that and your 0.5M loss counts for nothing.

 

If you are referring to my comment then i cant see where i implied that you are taxed twice.
My comment is about the fact that you can be taxed on a loss by a tax that is called GAIN.

 

The 6% Capital Gains Tax is imposed on the vendor of the property and is payable 30 days after the date of sale or quite significant penalties apply and continue to apply until it is paid. However, the smart advice is that in the negotiation this is agreed to be paid by the purchaser (and obviously the purchase price to reflect this) to ensure that the tax is actually paid and the title can actually transfer - as no transfer can occur whilst the tax is unpaid.