On 29 January 2020, PHI Tax amended tax provisions on REIT act, effective immediately.
- Definitions of public company and reinvestment plan amended; section renumbered.
- Amended to include affidavit of undertaking and reinvestment plan under documents.
- Added under transfer of real property section that transfer of property to a REIT in exchange for its shares is exempt from VAT as provided under S109(X) of the NIRC.
- Under income taxation of REIT, REIT shall maintain status as public company from the year of its listing otherwise dividend payment may not be allowed as a deduction.
- Also submit sworn statement that minimum ownership was maintained at all times.