For those that are not informed, please be advised that when selling a property in the city of Taguig, there is a “City Tax”, which is also known as Business Tax. This “City Tax” or Business Tax started with the City of Pasig, then Quezon City followed suit. From what we gather, other cities will follow sooner or later !
Now the rate of tax imposed also depends if your business is registered in the City where the property is located.
This is normally for the Seller’s account but it really depends on the negotiation of the deal being made.
Please verify with the Treasurer’s Office the percentage being charged based on the selling price of the property. Unfortunately, this is an amount that is normally not factored in when Seller wants to know what their “NET” amount will be after all expenses have been deducted.
For everyone’s info, capital gains tax, creditable withholding tax, value added tax ( whichever is applicable ), real estate taxes up to the time of the sale and other government related expense up to the release of the Certificate Authorizing Registration are always for the account of the Seller so please take the time to check with the following offices when transacting a sale :
1) Bureau of Internal Revenue
2) City Treasurer’s Office
3) Register of Deeds
Finally, please make sure you have the proper authority to transact when requesting for documents such as certified true copies of title, tax declaration, tax clearance, and others that may be required for the transfer of title to the new owner so as not to waste time.
have a great day !
Robert G. Sarmiento Properties
Professional Affiliation :
Real Estate Broker’s Association of the Philippines
President, Greenhills Chapter 2008-2009
02 5148481 ( direct line )
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Email : [email protected]
Website : www.robertgsarmiento.org
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