Summary
RMC No. 28-2013 revokes BIR Ruling No. SH (044) 261-2008 pursuant to BIR Ruling No. 433-2012.
Key points
- The revoked ruling. BIR Ruling No. SH (044) 261-2008 dated October 30, 2008 held that the National Housing Authority (NHA) was exempt from Creditable Withholding Tax or Capital Gains Tax, and from Documentary Stamp Tax under Section 196, on its sale of a commercial lot.
- Basis for revocation. BIR Ruling No. 433-2012 dated June 25, 2012 ruled that the sale of a commercial lot, though certified by the NHA as within its low cost housing project, is outside the definition of “socialized housing” under Section 19 of RA No. 7279. Such a sale is subject to Capital Gains Tax and Documentary Stamp Tax.
- Other rulings. All other existing rulings inconsistent with the Circular are likewise revoked.
Who is affected
- National Housing Authority
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
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