BIR agrees on tax incentives for socialized housing

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The Bureau of Internal Revenue (BIR) has entered into a Memorandum of Agreement (MOA) with the Housing and Urban Development Coordinating Council (HUDCC) and the National Housing Authority (NHA) for the provision of tax incentives for government socialized housing projects for the homeless and the underprivileged under Republic Act (RA) 7279, otherwise known as the “Urban Development and Housing Act of 1992.”

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Vice-President and HUDCC Chairperson Maria Leonor G. Robredo, BIR Commissioner Caesar R. Dulay, and NHA Acting General Manager Marcelino P. Escalada, Jr. signed the MOA in a ceremony at the Quezon City Reception House.

Under the Agreement, the BIR agreed to streamline, facilitate and prioritize the processing and issuance of the BIR Certificate of Tax Exemption (CTE) for transfers of raw land to NHA intended for socialized housing projects.

HUDCC on the other hand, will submit to BIR a regular updated master list of government housing projects under RA 7279 qualified for tax incentives.

For its part, NHA will endorse to BIR the housing contractor’s CTE application and assist in the evaluation, verification and certification of documentary requirements through its authorized officers.

BUREAU OF INTERNAL REVENUE

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