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Loans of listed securities proposed to be tax exempt

|Proposed Changes| Philippines
 Philippines

On 12 December 2005, the Bureau of Internal Revenue (BIR) published on its website a proposed regulation to exempt borrowing and lending transactions of shares of stocks and securities listed on the Philippine Stock Exchange from stock transaction taxes, capital gains taxes, and the documentary stamp tax. The parties involved must enter into a masters securities lending agreement (as defined) regi…

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