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CGT in Philippines

bradiston

By bradiston
in Philippines General Chat

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bradiston Ruby Member

bradiston

Posted
Posted

This tax seems to be just a sales tax masquerading as CGT. It's payable on property sales at the selling price, no allowances, no deductions for costs. Coming from the UK, I was expecting to deduct costruction costs and land purchase costs from the selling price in order to calculate the capital gain. But no! The selling price is taxed in its entirety at 6%. How stupid to frame this as a CGT. It's nothing of the sort.

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