Question

Taxation

Caritas Foundation of the Philippines (CFP), a non-stock, non-profit corporation duly registered with the SEC and accredited by the BIR as a charitable institution, owns a five-story commercial building in Pasig City valued at ₱60,000,000. The ground floor (comprising 20% of the building) is leased to BDO Unibank, Inc. at commercial rates, and the rental income is deposited into CFP's operating fund to finance its charitable programs. The remaining 80% of the building is used exclusively for CFP's charitable activities: a soup kitchen, a free medical clinic, and a livelihood training center. The City Assessor of Pasig assessed CFP for real property tax on the entire building. CFP claims full exemption under Sec. 234(b) of the LGC. Is CFP's claim correct?

0/1500
5:00
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