daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Asian Forums > Philippine Forums > Projects and Construction > Metro Manila Projects on the Rise > Taguig

Taguig For projects in Bonifacio Global City, McKinley Hill and other parts of the city



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old June 5th, 2012, 12:46 PM   #81
agwe23
Registered User
 
Join Date: Apr 2008
Posts: 26
Likes (Received): 1

@dunamis

all 1br (38 and 40sqm) have 2 titles, so technically each unit is 2.05M-ish. that's why it's vat free
agwe23 no está en línea   Reply With Quote

Sponsored Links
 
Old June 5th, 2012, 01:09 PM   #82
superboyish
Registered User
 
superboyish's Avatar
 
Join Date: Oct 2010
Location: Manila
Posts: 109
Likes (Received): 0

Quote:
Originally Posted by agwe23 View Post
@dunamis

all 1br (38 and 40sqm) have 2 titles, so technically each unit is 2.05M-ish. that's why it's vat free
Wow, that is a good deal. Is this allowed? I wish that this was offered by Federal with their other projects, I got a 46sqm in Makati for almost 5.5M with Vat.

Last edited by superboyish; June 5th, 2012 at 03:30 PM.
superboyish no está en línea   Reply With Quote
Old June 5th, 2012, 01:18 PM   #83
agwe23
Registered User
 
Join Date: Apr 2008
Posts: 26
Likes (Received): 1

I don't know if it's allowed, but it is skirting the vat law. but for me, I'm happy bec i'm the beneficiary of a vat free property, and in the future with selling the property, it has 2 titles, so i guess if I end up selling it for less than 3.2 per title, then it would also be vat free?
agwe23 no está en línea   Reply With Quote
Old June 5th, 2012, 03:30 PM   #84
superboyish
Registered User
 
superboyish's Avatar
 
Join Date: Oct 2010
Location: Manila
Posts: 109
Likes (Received): 0

Quote:
Originally Posted by agwe23 View Post
I don't know if it's allowed, but it is skirting the vat law. but for me, I'm happy bec i'm the beneficiary of a vat free property, and in the future with selling the property, it has 2 titles, so i guess if I end up selling it for less than 3.2 per title, then it would also be vat free?
Definitely one of the best buys in North Boni. Congrats!
superboyish no está en línea   Reply With Quote
Old June 5th, 2012, 03:47 PM   #85
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

Quote:
Originally Posted by agwe23 View Post
@dunamis

all 1br (38 and 40sqm) have 2 titles, so technically each unit is 2.05M-ish. that's why it's vat free
I don't get it. How can 1 unit have 2 titles?!
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote
Old June 5th, 2012, 03:48 PM   #86
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

Quote:
Originally Posted by robluat View Post
I don't get it. How can 1 unit have 2 titles?!
Are those combined units??
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote
Old June 5th, 2012, 04:12 PM   #87
agwe23
Registered User
 
Join Date: Apr 2008
Posts: 26
Likes (Received): 1

technically yes. it's a combined unit. but you can't just buy one, you have to buy two. so really it's not . .. but it is . .. .magulo hehehe
agwe23 no está en línea   Reply With Quote
Old June 5th, 2012, 04:34 PM   #88
3cr
Atenista sa Frisco
 
Join Date: Sep 2005
Location: San Andreas Fault
Posts: 8,840
Likes (Received): 751

Quote:
Originally Posted by robluat View Post
Are those combined units??
Yup most probably Federal land has combined units for sale that allows their buyers to avail of the Vat free law. I can only guess there is no requirement that mandates a specified minimum size unit in North Boni unlike in BGC because it seems in this case a 38sqm unit here with 2 titles will mean roughly a size of only 19sqm per unit. Really small unit. on a side note, I don't remember seeing 19sqm units in the building floorplan posted here so it looks like Federal Land is doing it to go around the Vat free parameters. I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line.



Quote:
Originally Posted by agwe23 View Post
38 sqm roughly 4.1ish
Quote:
Originally Posted by agwe23 View Post
all 1br (38 and 40sqm) have 2 titles, so technically each unit is 2.05M-ish. that's why it's vat free
Quote:
Originally Posted by agwe23 View Post
I don't know if it's allowed, but it is skirting the vat law. but for me, I'm happy bec i'm the beneficiary of a vat free property, and in the future with selling the property, it has 2 titles, so i guess if I end up selling it for less than 3.2 per title, then it would also be vat free?
Quote:
Originally Posted by agwe23 View Post
technically yes. it's a combined unit. but you can't just buy one, you have to buy two. so really it's not . .. but it is . .. .magulo hehehe
Thanks for the info. So I see. Interesting the way Federal land has approached going about making those units like yours Vat free. Looks like what they have done is sell you a combined unit to avail of the vat free law which is why you have 2 titles. a 38 sqm unit with 2 titles is basically 2 19sqm units that falls under the P3.2 and under Vat free mandate. I can only guess they are able to do this as there is no requirement that mandates a specified minimum size unit in North Boni unlike in BGC. I don't remember seeing 19sqm units in the building floorplan posted here so it looks like Federal Land is doing it to go around the Vat free parameters. I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line. Anyway Congrats again!
3cr no está en línea   Reply With Quote
Old June 5th, 2012, 04:46 PM   #89
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

Quote:
Originally Posted by 3cr View Post
Yup most probably Federal land has combined units for sale that allows their buyers to avail of the Vat free law. I can only guess there is no requirement that mandates a specified minimum size unit in North Boni unlike in BGC because it seems in this case a 38sqm unit here with 2 titles will mean roughly a size of only 19sqm per unit. Really small unit. on a side note, I don't remember seeing 19sqm units in the building floorplan posted here so it looks like Federal Land is doing it to go around the Vat free parameters. I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line.









Thanks for the info. So I see. Interesting the way Federal land has approached going about making those units like yours Vat free. Looks like what they have done is sell you a combined unit to avail of the vat free law which is why you have 2 titles. a 38 sqm unit with 2 titles is basically 2 19sqm units that falls under the P3.2 and under Vat free mandate. I can only guess they are able to do this as there is no requirement that mandates a specified minimum size unit in North Boni unlike in BGC. I don't remember seeing 19sqm units in the building floorplan posted here so it looks like Federal Land is doing it to go around the Vat free parameters. I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line. Anyway Congrats again!







Correct me if i'm wrong but technically North Bonifacio is part of BGC right? There should be a minimum requirement. If you buy these "combined units" upon turnover can you sell them separately?
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote
Old June 5th, 2012, 04:52 PM   #90
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

Quote:
Originally Posted by agwe23 View Post
technically yes. it's a combined unit. but you can't just buy one, you have to buy two. so really it's not . .. but it is . .. .magulo hehehe
Is the layout for 1 38 sqm unit or are there layouts for 18 sqm? Hmmmm its obviously for the advantage of the buyer however its basically going around the VAT Law. Just wondering if this rule is not violating anything. I hope it should be fine just make sure to read everything in the contract as these practices are not normal
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote
Old June 5th, 2012, 05:19 PM   #91
3cr
Atenista sa Frisco
 
Join Date: Sep 2005
Location: San Andreas Fault
Posts: 8,840
Likes (Received): 751

Quote:
Originally Posted by robluat View Post
Correct me if i'm wrong but technically North Bonifacio is part of BGC right? There should be a minimum requirement. If you buy these "combined units" upon turnover can you sell them separately?
McKinley Hill doesn't as far as I know and now it looks like North Boni doesn't either. That's why I don't think North Boni is actually part of BGC. North Boni being part of BGC is a misnomer imho and just used in Marketing/Sales hype for better sales I guess. Just that if North Boni truly is part of BGC and not its own separate entity then there should indeed be a minimum size requirement like BGC like what you said which means what Federal Land is doing is illegal. I'd like to think that's not actually the case. BGC, North Boni, McKinley Hill and the future Boni South area are parts that make up Fort Bonifacio so I think the proper term in describing North Boni is it is part of Fort Bonifacio instead of the now synonymous to many BGC monicker. North Boni I don't think is really part of BGC but rather it is part of the Fort Bonifacio campus.
3cr no está en línea   Reply With Quote
Old June 5th, 2012, 05:38 PM   #92
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

Quote:
Originally Posted by 3cr View Post
McKinley Hill doesn't as far as I know and now it looks like North Boni doesn't either. That's why I don't think North Boni is actually part of BGC. North Boni being part of BGC is a misnomer imho and just used in Marketing/Sales hype for better sales I guess. Just that if North Boni truly is part of BGC and not its own separate entity then there should indeed be a minimum size requirement like BGC like what you said which means what Federal Land is doing is illegal. I'd like to think that's not actually the case. BGC, North Boni, McKinley Hill and the future Boni South area are parts that make up Fort Bonifacio so I think the proper term in describing North Boni is it is part of Fort Bonifacio instead of the now synonymous to many BGC monicker. North Boni I don't think is really part of BGC but rather it is part of the Fort Bonifacio campus.
Yup. Kinda hard to draw the line which ones are consider "BGC"
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote
Old June 5th, 2012, 05:39 PM   #93
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

I just find it unusual because you have to buy it combined which in a sense is considered as 1 unit.
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote
Old June 5th, 2012, 05:52 PM   #94
3cr
Atenista sa Frisco
 
Join Date: Sep 2005
Location: San Andreas Fault
Posts: 8,840
Likes (Received): 751

If North Boni does not have a min. unit size requirement like BGC, then that's the loophole Federal Land is using to be able to sell 2 19 SQM combined units to fall under the 3.2 Vat free limit. I don't remember seeing 19sqm units in the building floorplan posted here so it looks like Federal Land is doing it (need to buy 2 units that are then combined into one) just to go around the Vat free parameters. Federal land is really pushing the envelope in the way they are going around the VAT rule. I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line.
3cr no está en línea   Reply With Quote
Old June 5th, 2012, 06:18 PM   #95
superboyish
Registered User
 
superboyish's Avatar
 
Join Date: Oct 2010
Location: Manila
Posts: 109
Likes (Received): 0

Quote:
Originally Posted by 3cr View Post
If North Boni does not have a min. unit size requirement like BGC, then that's the loophole Federal Land is using to be able to sell 2 19 SQM combined units to fall under the 3.2 Vat free limit. I don't remember seeing 19sqm units in the building floorplan posted here so it looks like Federal Land is doing it (need to buy 2 units that are then combined into one) just to go around the Vat free parameters. Federal land is really pushing the envelope in the way they are going around the VAT rule. I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line.
Correct me if I'm wrong but the practice of combining units to go around the vat law is also done in entry level condo properties like SMDC's my place and ayala's amaia skies. Agents would usually recommend combining two or three units for buyers wanting of a bigger unit without them paying vat. Isn't there a law prohibiting this? Though it's the first time that I've heard that a developer such as Federal imposing on a buy 2 units as 1. Could they do this? To just impose?
superboyish no está en línea   Reply With Quote
Old June 5th, 2012, 06:31 PM   #96
3cr
Atenista sa Frisco
 
Join Date: Sep 2005
Location: San Andreas Fault
Posts: 8,840
Likes (Received): 751

Yup the difference here is that you are forced to buy the two units in order to sell you a 38 sqm (combined) unit without Vat and you can't just buy 1 19sqm unit if you want to. And there is no 19sqm floor plan in the building plan either so one is really forced to buy 2 units (at a time) to buy the 38sqm unit they are selling Vat free. If they do sell the small size units individually then it's a different matter. The fact that there are really no 19 sqm units available clearly shows they are simply doing this to go around the Vat rules. As I've said before, Federal Land is pushing the envelope in the way they are going around the VAT rule with this. I'm no legal expert so I'm not about to say such practice is illegal. However I do sincerely hope it does not boomerang back to the buyers if such is found illegal a practice later down the line.
3cr no está en línea   Reply With Quote
Old June 5th, 2012, 06:59 PM   #97
tchitz
Dobby at our Laguna farm
 
tchitz's Avatar
 
Join Date: May 2009
Location: Laguna bound
Posts: 1,182
Likes (Received): 170

Yeah, Developer is getting away with doing this scheme for now, but there is always a possibility that BIR may come up with a directive in the future to plug this loophole. If and when they do, previous buyers will be assessed of VAT not paid, plus penalties and interest. Lagot na kayo. Check your contracts. I suspect Developer has placed a clause there for such eventuality, so they are rendering themselves free of any future liabilities, and buyers will have to pay missed VAT.
tchitz no está en línea   Reply With Quote
Old June 5th, 2012, 08:33 PM   #98
Ulidia
Registered User
 
Ulidia's Avatar
 
Join Date: Jul 2008
Posts: 154
Likes (Received): 9

Quote:
Originally Posted by tchitz View Post
Yeah, Developer is getting away with doing this scheme for now, but there is always a possibility that BIR may come up with a directive in the future to plug this loophole. If and when they do, previous buyers will be assessed of VAT not paid, plus penalties and interest. Lagot na kayo. Check your contracts. I suspect Developer has placed a clause there for such eventuality, so they are rendering themselves free of any future liabilities, and buyers will have to pay missed VAT.

I thought that this practice of combining smaller units to circumvent the VAT requirements had already been outlawed. Perhaps I'm wrong but I do know that some developers no longer provide for this - thus, there's presumably a very real risk that this type of combined unit will become subject to VAT.
Ulidia no está en línea   Reply With Quote
Old June 5th, 2012, 10:06 PM   #99
3cr
Atenista sa Frisco
 
Join Date: Sep 2005
Location: San Andreas Fault
Posts: 8,840
Likes (Received): 751

Yes that's actually a real possibility indeed. BIR can go after these Vat amounts including penalties and other charges later down the line if ever they deem such a scheme is indeed illegal. Sometimes good deals can be too good to be true so all the more buyers need to be very vigilant if buying under such conditions and be very careful reading the fine prints in the sales contract. Buyers need to protect one's self that if ever the BIR will go after the Vat amount and penalties later down the line that you don't end up having to pay for it. Better if during the signing of a purchase contract for such a unit, one can secure an official letter/doc (w/company logo) saying that it's Federal Land that will be responsible for paying any VAT, penalties and other related costs in case the BIR decides what Federal did is illegal and goes after these unit buyers. Better protect one's self now kesa maghabol sa Federal Land later down the line. Anyway my opinion only so kindly take it with a grain of salt.
3cr no está en línea   Reply With Quote
Old June 6th, 2012, 06:14 PM   #100
robluat
God Bless!
 
robluat's Avatar
 
Join Date: Dec 2010
Posts: 945
Likes (Received): 4

What could happen is that when BIR finds out they can charge the buyer additional VAT upon turnover. What do you think?? There might be loopholes in the VAT law but this strategy is pretty basic. I'm sure its covered in the VAT law somehow..
__________________
Tourism, Real Estate & Consumer Goods = 2013 Economy
www.megaworldglobalcity.com
robluat no está en línea   Reply With Quote


Reply

Tags
bgc, federal land

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT +2. The time now is 05:31 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Feedback Buttons provided by Advanced Post Thanks / Like v3.2.5 (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu