The Philippines is trying to pass a law that would cut taxes on stock transactions in a bid to encourage more IPOs in the country, following hot on the heels of Indonesia's proposition last week of a similar tax cut.[HONG KONG] The battle to attract initial public offerings is heating up among South-east Asian exchanges.
Under the Philippine proposal, passed by the House of Representatives on Monday, the transaction tax rate on listed stocks will be gradually reduced from 0.6 per cent to 0.1 per cent in 2024, and the tax on interest income will be cut to 15 per cent from 20 per cent. Still, the size of the markets in the Philippines and Indonesia pales in comparison to larger stock exchanges like Hong Kong. South-east Asian IPOs combined have raised less than half of Hong Kong's US$10.8 billion in 2019, data compiled by Bloomberg show.
Source: News Formal (newsformal.com)
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