Capital Gains Tax (CGT) in the Philippines is typically imposed on the gains presumed to have been realized by a seller from the sale, exchange, or other disposition of capital assets, such as real estate properties. The current rate for CGT on the sale of real property is 6% of the gross selling price or the fair market value, whichever is higher.
Here is a sample computation of the Capital Gains Tax for the sale of a real property:
Given:- Selling Price: PHP 5,000,000
- Fair Market Value (FMV) as per Bureau of Internal Revenue (BIR) valuation: PHP 4,500,000
- Zonal Value (another measure of FMV often considered): PHP 4,800,000
Determine the base for CGT: The CGT base is the higher of the Selling Price, FMV, or Zonal Value.
In this example:
- Selling Price = PHP 5,000,000
- FMV = PHP 4,500,000
- Zonal Value = PHP 4,800,000
The highest value is the Selling Price at PHP 5,000,000.
Compute the Capital Gains Tax: CGT is 6% of the highest value determined in step 1.
- Perform the calculation:
Conclusion:
The Capital Gains Tax due on the sale of the property is PHP 300,000.
Notes:
- Always ensure to check the current rates and guidelines from the BIR as these can change.
- Other forms of conditional sale like pacto de retro sale follow the same principles in CGT computation.
- Documentation required by the BIR typically includes the deed of sale, tax declaration, and proof of FMV (either through appraisal or zonal values).
This sample computation provides a straightforward method to determine the CGT liability for real property sales in the Philippines.
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