Realtors back VAT drive on real estate services

The National Real Estate Association (NREA) has pledged its assistance to the information drive of the Bureau of Internal Revenue (BIR) on the collection of value added tax on services rendered by real estate brokers and practitioners.

Architect Felino A. Palafox Jr., NREA national president, said that as a gesture of its support, NREA will hold a forum on the new VAT implementing guidelines to help boost the government’s tax collection campaign, during its monthly business meeting on Feb. 28, 1-4:30 p.m. at Club Filipino, Greenhills, San Juan, Metro Manila.

Guest speaker is BIR Regional Director Danilo A. Duncano, who will talk on the newly-issued Revenue Memorandum Circular 6-2003 with focus on VAT applicable to services rendered by subdivision developers, real estate brokers, property lessors, among others.

An expert on realty tax transactions and concurrent head of the BIR Task Force on Real Estate, Duncano will conduct an open forum following his presentation.

As an additional feature of the business meeting, Ruben B. Palacio, a well-known real estate lecturer, will give business opportunity tips on what pitfalls to avoid in real estate transactions.

Palacio, who is a NREA trustee and education committee chairman, is also concurrent RESCOP secretary general.

For particulars, NREA members and guests may call 913-4463 or 912-3492 (telefax).