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Philippines Rethinks Tax Increase On Block Share Sales

by Carla Johnson, Investors Offshore.com, London

27 November 2007


Plans to put in place a higher tax on block sales of shares on the Philippine Stock Exchange have been put on hold, it has emerged.

The move was announced on Friday by the Bureau of Internal Revenue after market participants voiced strong objections, according to a Dow Jones report.

The news service quoted BIR Deputy Commissioner, Nelson Aspe as explaining that: "The implementation of the revenue memorandum circular has been recalled for further study."

The current tax imposed on such transactions is 0.5% of gross value. However, proposals were recently announced that would have imposed a 5% capital gains tax rate on the first PHP100,000 and a 10% rate on anything over that amount.

The decision to withdraw the plans for further examination has been welcomed by market participants in the country.


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