ChanRobles Virtual law Library
PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Home > Chan Robles Virtual Law Library > Philippine Laws, Statutes & Codes > Republic Acts :
REPUBLIC ACTS
AN
ACT AMENDING REPUBLIC ACT NO. 9182, OTHERWISE KNOWN AS THE SPECIAL
PURPOSE VEHICLE ACT OF 2002 FOR THE PURPOSE OF ALLOWING THE
ESTABLISHMENT AND REGISTRATION OF NEW SPVs AND FOR OTHER PUPOSES. |
Section 1. Section 6 of Republic Act No. 9182 is hereby amended to read as follows: "Sec.
6. Period for filing of Applications. - Applications for the
establishment and registration of an SPV shall be filed with the
Commission within eighteen (18) months from the date of effectivity of
this amendatory Act." Sec. 2. Section 15 of the same Act is hereby amended to read as follows: "Sec.
15. Tax Exemptions and Fee Privileges. – Any existing law to the
contrary notwithstanding the transfer of NPAs from the FI to an SPV,
and from an SPV to a third party or dation in payment (dacion en pago)
by the borrower or by a third party in favor of an FI or in favor of an
SPV shall be exempt from the following taxes: "(a)
Documentary stamp tax on the abovementioned transfer of NPAs and dation
in payment (dacion en pago) as may be imposed under Title VII of the
National Internal Revenue Code of 1997; The abovementioned transfers shall also be subject to the following in lieu of the applicable fees: "(a)
Fifty percent (50%) of the applicable mortgage registration and
transfer fees on the transfer of real estate mortgage and chattel
mortgage registrations to and form the SPV, as imposed in accordance
with the existing circulars of the Land Registration Authority (LRA); All sales or transfers of NPAs from the FIs to an SPV or transfers by way of dation in payment (dacion en pago) by the borrower or by a third party to the FI shall be entitled to the privileges enumerated herein for a period of not more than two (2) years from the date of effectivity of this amendatory Act: Provided, That transfers from an SPV to a third party of NPAs acquired by the SPV within such two-year period or transfers by way of dation in payment (dacion en pago) by a borrower to the SPV shall enjoy the privileges enumerated herein for a period of not more than five (5) years from the date of acquisition by the SPV: Provided, further, That properties acquired by an SPV from GFIs or GOCCs which are devoted to socialized or low-cost housing shall not be converted to other uses. The abovementioned tax exemptions, incentives, and fee privileges given to FIs and SPV at the various stages of the transactions under this Sec. shall likewise be extended to any individual in accordance with the IRR: Provided, That: (i)
The transaction is limited to a single family residential unit ROPOA or
NPL secured by real estate mortgage on a residential unit; Sec. 3. Separability Clause. - If any provision of this Act is subsequently declared unconstitutional, the validity of the remaining provisions hereof shall remain in full force and effect. Sec. 4. Repealing Clause. - Any law, presidential decree or issuance, executive order, rule or regulation contrary to, or inconsistent with the provisions of this Act is hereby repealed, modified or amended accordingly. Sec. 5. Effectivity. - This Act shall take effect fifteen(150 days
following its complete publication in the Official Gazette or in at
least two newspapers of general circulation. Approved: April 24, 2006 |
chanrobles virtual law library