[Table of Contents and Introduction / Salient Points; Rules 1-3; Rule 4; Rule 5; Rule 6; Rule 7; Rule 8; Rule 9; Rules 10-11]
Rule 10 – Taxes
SEC. 1. Compliance with BIR Regulations. The provisions on taxation of REITs provided under the REIT Act shall be subject to the relevant regulations promulgated by the BIR.
Rule 11 – Miscellaneous Provisions
SEC. 1. Corporate Governance. The Property Manager and the Fund Manager shall be subject to the principles of corporate governance adopted by the Commission, which the Commission, Exchange, BIR and BSP may from time to time issue.
SEC. 3. Use of Registration Fees. To carry out the purposes of these Rules, the Commission shall retain and use fifty percent (50%) of all fees paid to it relative to the establishment of REITs and the registration of their securities in addition to its annual budget.
SEC. 4. Administrative Sanctions. The Commission shall, in its discretion, impose sanctions provided by law in the event of violation of any provision of the REIT Act, or this Rule or any applicable rules under the SRC and its respective IRR.
Sec. 5. Sanctions on Circumvention.. Any circumvention of the REIT Act and this IRR shall be subject to the appropriate penalty, without prejudice to other actions which may be taken by the Commission.
SEC. 6. Separability Clause. If, for any reason, any article or provision of these Rules or any portion thereof or application of such article, provision or portion thereof to any person, group or circumstance is declared invalid or unconstitutional, the remainder of these Rules shall not be affected by such decision.
SEC. 7. Repealing Clause. All other rules and regulations or parts thereof, inconsistent with the foregoing rules and regulations are repealed, amended or modified accordingly.
Done this 20th day of January 2020, Pasay City.
[Table of Contents; Rules 1-3; Rule 4; Rule 5; Rule 6; Rule 7; Rule 8; Rule 9; Rules 10-11]
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