The Philippine Stock Exchange is seeking amendments to the eight-year-old Real Estate Investments Trust law, especially a provision imposing a 12-percent value added tax on the investment product. PSE president Ramon Monzon said in a forum the exchange was working with the Finance Department and Congress on how the amend the REIT law to remove the 12-percent VAT on the transfer of assets. We think REIT is a very potent vehicle for real estate companies to generate capital to fund their investments,” Monzon said. Passed in 2009, REIT law aims to boost liquidity in the stock market and enhance the quality of the domestic financial market. The PSE earlier estimated that at least $3 billion in new investments from the private sector would be generated due to REIT.

Source: The Standard October 24, 2017 13:18 UTC