Retain VAT-exemption for socialized housing

A PROPERTY group appealed to senators on Monday to keep hold of the value-added tax (VAT) exemption being given to socialized and economic housing in the wake of the expected passage of the Tax Reform for Acceleration and Inclusion bill.

In a statement, the Chamber of Real Estate and Builders’ Association Inc. (CREBA) said that if VAT-exemption is not retained, prices of residential units would go beyond reach of millions of homeless Filipinos thereby aggravating further the increasing housing backlog.