8/12/2019 RA 9343 SPAV Law Amended

1/4

N No. 4 66S o 22 4

-Begun and held in Metro Manila, on Monday, the twenty:fifth dayrro July, two thousand f ive

[ REPUBLIC ACT NO. 4 ]AN ACT AMENDING REPUBLIC ACT NO. 9182,OTHERWISEKNOWN AS THE SPECIAL PURPOSE VEHICLE ACT

OF 2002 FOR THE PURPOSE OF ALLOWING THEESTABLISHMENTAND REGISTRATIONOFNEW SPVSAND FOR OTHER PURPOSESBe it enacted by the Senate and House of Representatives of thePhilippines in Congress assembled:

SECTION Section 6 ofRepublic Act No, 9182 is herebyamended to read as follows:SEc. 6 Period for F i h g o Applications. -Applications for the establishment and registrationof a n SPV shall be filed with the Commission withineighteen (18) months from the date of effectivity ofthis amendatory Act.

8/12/2019 RA 9343 SPAV Law Amended

2/4

2

SEC. . Section 15 of the same Act is hereby amended toread as follows:SEC. 15. TaxExemptions and Fee Privileges.Any existing law to the contrary notwithstanding,the transfer of NPAs from the FI to a n SPV, andfrom a n SPV to a third party or dation in payment(dacion en pago) by the borrower or by a third party

in favor of anFI or in favor of an SPV shall be exemptfrom the following taxes:(a) Documentary st am p ta x on t heabovementioned transfer of NPAs and dation inpayment (dacion en pago) as may be imposed underTitle VI1 of the National Internal Revenue Code of1997:(b) Capital gains tax imposed on the transfer

of lands and/or other assets treated as capital asse tsas defined under Section 39(A)(1) of the NationalInterna l Revenue Code of 1997;(c) Credit able withhold ing income ta xe simposed on the transfer of land and/or buildingstreated as ordinary asset,s pursuant to RevenueRegulation No. 2-98, as amended;(d) Value-added tax on the transfer of NPAsas may be imposed under Title of the NationalInterna l Revenue Code of 1997 or gross receipts taxunder Title V of the same Code, whichever isapplicable.The abovementioned transfers shall also be

subject to the following, in lieu of the applicable fees:(a) Fifty percent (50%) of the applicablemortgage registration a nd tra nsfer fees on th etransfer of real estate mortgage and chattel mortgageregistrations to and from the SPV, as imposed inaccordance with the existing circulars of the LandRegistration Authority (LRA);

8/12/2019 RA 9343 SPAV Law Amended

3/4

(b) Fifty percent (50%)of the filing fees for anyforeclosure initiated by the SPV in relation to anyNPA acquired from an FI, as prescribed by the Rulesof Court; and

( c ) Fifty percent (50%)of the land registrationfees prescribed under the existing circulars of theLRA.

All sales or transfers of NPAs from the FIs toan SPV or transfers by way of dation in payment(d a c io n en pago) by the borrower or by a third partyt o the FI sha l l be ent i t led t o th e privilegesenumerated herein for a period of not more than two2 )years from the date of effectivity of this amendatoryAct: Prouided, That transfers from an SPV t o a thirdparty of NPAs acquired by the SPV within such two-year period or transfers by way of dation in payment

(d a c ion e n p a g o ) by a borrower to the SPV shall enjoythe privileges enumerated herein for a period of notmore than five (5) years from the date of acquisitionby the SPV: P r o u i d e d , f u r t h e r , Tha t propertiesacquired by a n SPV from GFIs or GOCCs which aredevoted to socialized or low-cost housing shall not beconverted to other uses.

The abovementioned tax exemptions,incentives, and fee privileges given to FIs and SPVa t the various stages of the transactions under thissection shall likewise be extended to any individualin accordance with the I R R Prouided, That:(i) the transaction is limited to a single familyresidential unit ROPOA or NPL secured by real

estate mortgage o n a residential unit;(ii) th er e sh al l only be one tran sact ionconsisting of one residential uni t per individuat and(iii) the two-year transfer and the five-yearentitlement period granted to NPA shall also applyto said single family residential unit.''

8/12/2019 RA 9343 SPAV Law Amended

4/4

SEC. 3 Separability CZause. -.If any provisionof this Actis subsequently declared unconstitutional, the validity of theremaining provisions hereof shall remain in full force and effect,SEC. 4. Repealing Clause. -Any law, presidential decree

o r issuance, executive order, rule or regulation contrary to, orinconsistent with the provisions of this Act is hereby repealed,modifiedor amended accordingly.SEC. 5 . Effectiuzty.-This Act shall take effect fifteen (15)days following its complete publication in the Official Gazette orin a t least two newspapers of general circulation.Approved,

DE VENECIA

This Act which is a consolidation of House Bill No. 4066and Sen ate Bill No . 2204 was passed by the House ofRepresentatives and the Senate on March 14,2006.

BOB T P .NAZAKEN0Secvetay of the Senate