A stock transaction tax hike approved by legislators would make the local market “uncompetitive”, the chief of the Philippine Stock Exchange (PSE) said. The increase — included in the first package of the government’s comprehensive tax reform program — raises the tax to 0.6 percent from 0.5 percent. “When you are increasing the transaction tax, you’re increasing the transaction cost. “[I]f you are to add the transaction cost, we become very uncompetitive with the other stock exchanges,” he said. The House of Representatives and the Senate ratified on Wednesday the proposed Tax Reform for Acceleration and Inclusion (Train) Act.

Source: Manila Times December 14, 2017 17:48 UTC