We just got an info over the internet about the VAT exemption on house and lots and other dwellings. We have to clear this out with the construction of the dwelling though.
VAT-exempt transactions:
(P) Sale of real properties not primarily held for sale to customers or held for lease in the ordinary course of trade or business, or real property utilized for low-cost and socialized housing as defined by Republic Act No. 7279, otherwise known as the Urban Development and Housing Act of 1992, and other related laws, residential lot valued at One million five hundred thousand pesos (P1,500,000) and below, house and lot, and other residential dwellings valued at Two million five hundred thousand pesos (P2,500,000) and below. Sources:
http://www.lawphil.net/statutes/repacts/ra2005/ra_9337_2005.html
http://www.punongbayan-araullo.com/pnawebsite/pnahome.nsf/section_docs/VO767V_24-11-05
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