The highlights:
- New tribal land and state allocations are not subject to transfer duty
- Transfer duty on the sale of property to non-citizens has been reduced from 30% of the value or purchase price (whichever is the higher) to 10% for any purchase/value up to P2,000,000 and 15% for any purchase/value in excess of P2,000,000
- The Commissioner General shall use council valuations or appoint a competent and disinterested person to determine the just and fair value of properties in tribal areas
- With transactions involving immovable property on tribal land, the Commissioner General may at his/her discretion request a valuation certificate executed by a valuer registered in accordance with the Real Estate Professionals Act
- The amount upon which citizens shall not be charged transfer duty has been increased from the first P1,000,000 to the first P1,500,000 of the total purchase price or value of the immovable property
- With various transactions which have been exempted from transfer duty under the Act, valuation certificates shall not be required neither will the submission of declarations to the Commissioner General
- Where value added tax is payable in a property transaction, transfer duty shall be waived
- Immovable property acquired by a parent of a deceased child who dies intestate without a spouse or child shall be exempt from transfer duty