THE United Filipino Consumers and Commuters strongly opposed the removal of the tax exemption on the purchase of a housing unit worth P3.2 million below.
UFCC president Rodolfo Javellana Jr. urged Senator Sonny Angara to heed their appeal not to remove the 12-percent value-added tax exemption for low-cost and socialized housing.
“Our members are mostly overseas Filipino workers and consumers who can ill afford to purchase our own homes with our average take-home pay of P30,000 and with the current housing prices of P450,000 to P3 million for socialized, economic and low-cost housing,” the group said.
Angara proposed to impose a 12-percent VAT on housing unit worth P450,000 under the propsoed Tax Reform for Acceleration and Inclusion bill.
Under Republic Act 7279 or the Urban Housing and Development Act of 1992, the 12-percent VAT only applies to the purchase of a housing unit worth P3.2 million and above.