|QUESTION||What is the rate of Capital Gains Tax (CGT)?|
The rate is 6% based on the Gross Selling Price or Fair Market Value or Zonal Value whichever is higher. Note: The Gross Selling Price is the total consideration or purchase price agreed and stipulated in the sale or exchange agreement. The Fair Market Value is computed and prepared by the local assessors and found at the Tax Declaration of the real property. The Zonal Value is prepared and established by the Bureau of Internal Revenue for each area or zone in the country.