SBN-923: Lowering the Tax Rate on Capital Gains from the Sale, Exchange or other Disposition of Real Property
An Act Lowering The Tax Rate On Capital Gains From The Sale, Exchange Or Other Disposition Of Real Property, Amending For The Purpose Sections 24 (D) (1) And 27 (D) (5) Of Republic Act No. 8424, Otherwise Known As The National Internal Revenue Code Of 1997, As Amended And For Other Purposes
- To keep up with today’s fast-paced economy and to ease the tax burden on individual as well as corporate taxpayers, this bill seeks to reduce the CGT rate from the current rate of six percent (6%) to three percent (3%).
- With this amendment, individual taxpayers may find it easier and cheaper to sell their properties since the CGT rate will be cut in half.
- This amendment will allow businesses to expand wider since acquisition of land will now become less costly.