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Arroyo Backs Stock Market Tax Cuts,
by Mary Swire, Tax-News.com, Hong Kong
Wednesday, November 12, 2008
Officials at the Philippine Stock Exchange (PSE) have expressed their delight
at the news that the country's President, Gloria Arroyo, is supporting their
request for a tax cut on stock trading transactions.
An appeal for a reduction on transaction-related tax burdens was made by the
PSE recently to try and stem the falling number of share sales as a result of
the financial constraints felt by businesses amid the current economic climate.
It is now hoped that President Arroyo's positive response will be reflected
by Congress, whose final approval on the proposal must be sought in order for
it to become law.
The legislation would lower the current 0.5% rate of tax on stock transaction
sales to 0.25%, which the PSE hopes would increase market activity.
Currently, this 0.5% levy on the gross value of share sales is amongst the
highest in the world, and some concern has
been voiced over whether a drop in this surcharge will result in a loss of revenue
for the government; although it is hoped that additional revenue from increased
stock market activity will cover any revenue lost by the introduction of the tax
break.
In addition to the appeal for a reduction on transaction tax, the PSE has also
expressed a desire to extend the current exemption of Document Stamp Tax (DST)
on the sale of secondary trading shares, which has been in place for the past
five years. If Congress decide to reinstate the DST when its exemption expires
in March 2009, then all secondary trading of shares will go back to being subject
to a PHP0.75 charge per PHP200 (USD4) of stock traded.
The PSE's President, Francis Ed Lim has broadcast his delight at President
Arroyo's display of support, citing it as a positive move in the right direction
for the future of the country's stock exchange.
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