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Philippines Seeks to Resolve Public Float Tax Issue This Year

The Philippine government and the nation’s bourse seek to resolve the issue on minimum public ownership and corresponding taxes this year, Tax Commissioner Kim Henares told reporters today.

“By January, we will have an agreement that is mutually acceptable to all parties,” Henares said in Manila after meeting with representatives of the Philippine Stock Exchange and some bankers. Henares had said a listed company must have at least 10 percent of its shares publicly-owned to avail of less stringent tax benefits.

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