Private sector pushes for changes to Philippines' REIT law

02/7/2012 | BusinessWorld (Philippines)

Talks are under way to amend legislation in the Philippines that would govern REIT structures. The law passed last year but has several provisions unwelcome to the industry, including a provision requiring that the initial transfer of real property into a REIT vehicle be subject to a 12% value-added tax. The private sector is negotiating with the Department of Finance and the Bureau of Internal Revenue to change the stringent tax rules or offer more incentives.

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