Describing the REIT Law as 'ridiculous,' tax officials and experts within and outside the Bureau of Internal Revenue (BIR) say it will not usher a new beginning in Philippine real estate  as it will cut taxes from its business sources by at least P10 billion annually. Along with this come warnings about ploys to avail incentives by circumventing the law. read more

The Asia Pacific Real Estate Association (APREA) sees a failure to understand the economic benefit from REITs among the revenue regulators of the government upon the release of the strict rules governing their sale. Already, big corporations eyeing good business in REITs like Sy's SM Prime have dropped plans due to the finalized new rules. read more

The Bureau of Internal Revenue believes the recently finalized REIT tax rules have been drafted and implemented fairly and within the conditions and provisions of the REIT Act of 2009, and is now closing its doors to proposed changes to the rules unless the law itself is amended. read more

After much debate and negotiations, the Bureau of Internal Revenue has released the tax provisions of the REIT Act, after having been signed by Finance Secretary Cesar Purisima. Within the guidelines are strict measures on revenue regulation that limits tax breaks and incentives for future investors. read more

BIR Commissioner Kim S. Jacinto-Henares has said that future investors mustn't see hope in occurring dialogues about possible taxation exemption because the agency will not reconsider its position that REITs must be charged of value-added tax. She sees that the REIT Law will be a mere income tax holiday measure for a certain sector without the VAT. read more

The Philippine Stock Exchange along with real-estate companies and investors who're looking into the business of REITs are seeking a dialogue with the Department of Finance over specific tax and float-related rules that could potentially endanger the REIT market. According to APREA Chief Peter Mitchell, the conditions of operation are different compared to those of other Asian markets. read more

Contrary to previous reports, Finance Secretary Cesar Purisima clarified that he hasn't signed into implementation the tax rules for REITs but only approved the VAT-specific conditions of the rules. On this debatable issue, Internal Revenue Commissioner Jacinto-Henares says REIT transactions are deemed as sales, and are therefore VAT-imposable. read more

Into the 1st week of July, Finance Secretary Cesar V. Purisima has signed the REIT revenue regulations prepared by the BIR and is expected be published within two days. Industry players, however, remain wary about venturing into REITs due to the prescribed public ownership floor level, as well as the lack of VAT exemption as revealed by BIR Commissioner Kim S. Jacinto-Henares. read more

The Philippine Stock Exchange has issued a letter addressed to the Securities and Exchange Commission, stressing its stand against REIT owners relinquishing their control over their properties within three years. Talk of new negotiations between the government and the private sector is abuzz with this new development, all before the new implementing rules get released this month. read more

BIR Chief Kim Jacinto-Henares has postponed the issuance of the REIT tax rules to July instead of end-June after a Senate oversight committee led by Senator Ralph G. Recto insisted on reviewing the rules for any tax issues before they are made public. read more