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Real Estate News

Worst is over for Philippine property market

Philippine Real Estate Outlook 2021

The worst is over for the Philippine property market due to various favorable factors, although the projected office space take-up remained low at 380,000 square meters only or 70 percent lower than the 1.9 million sqm recorded in 2019, according to the country’s leading property and management consultancy firm. David Leechiu, president and CEO of…

Supreme Court affirms condo dues not subject to tax

condo for rent in cebu it park

The Supreme Court (SC) affirmed an earlier Makati City court ruling that condominium dues are not subject to tax. In a 33-page decision, the SC 1st Division nullified a Bureau of Internal Revenue (BIR) circular in 2012 which would have imposed 12% value-added tax (VAT) and 32% income tax on association dues, membership, and other…

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