Did you know? If you are selling your principal residence with the intention to use the proceeds to construct or acquire a new principal residence, you may be exempted from the Capital Gains Tax (CGT) imposed by the Bureau of Internal Revenue (BIR). One of the requirements of the BIR to avail of the CGT exemption is the establishment of an Escrow account with an authorized agent bank. To comply with this requirement, you may open an escrow account with LANDBANK Trust Banking Group. The funds equivalent to the CGT to be incurred by the seller for the sale of his/her principal residence will be deposited in the account for safekeeping and management. Once the requirements and conditions imposed by the BIR are fulfilled by the parties, the funds in escrow shall be released to the seller, otherwise, it will be remitted to the BIR. For queries regarding the LANDBANK BIR Escrow Account, call the Trust Sales and Marketing Officers at 8405-7119, 8405-7100, and 8522-0000 local 4059. You may also visit https://bit.ly/3FBtfkE to know more about LANDBANK’s Escrow Agency Services. #BankingOnTheFilipinoSpirit #ServingTheNation #ThinkBeforeYouSpend
Posted 1 year ago
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