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(From BusinessWorld (Philippines))
Byline: Felipe F. Salvosa II
The government will lose about P30 billion in revenues as a result of the impending two-year extension of tax perks to encourage banks to unload bad assets.
Assuming the extension of the Special Purpose Vehicle (SPV) Act leads banks to reduce nonperforming assets by P200 billion as originally targeted, the government will lose an initial P15 billion within the two- year period, estimates by the Department of Finance showed. This is a result of foregoing revenues from the 6% tax on capital gains and the 1.5% documentary stamp tax.
But since the disposition ultimately involves …