Please be extra careful when preparing documents, particularly the “Deed of Absolute Sale ” as using the wrong terminology “may or will be” interpreted by the examiner as a VATable event, which means an add on of 12% tax for the Seller.
This pertains particularly to a property for sale an associate of mine was transacting recently wherein the sale was supposedly a simple capital gains tax but was assessed to be VATable due to the wrong choice of words on the property being sold.
I will be sending the details of this transaction to those already subscribed to my daily postings and will also include this topic in my upcoming seminar on October 26, 2013 at Quezon City.
By the way, due to the increasing “plagiarism” we’re currently experiencing, we will soon be requiring our subscribers to register to our website.
Thank you and have a good day …..