To allow the inclusion of the non-refundable capital gains tax and documentary stamp tax incurred in connection with a foreclosure to form part of the book value of such acquired real estate property
CIRCULAR LETTER Series of 1999
The Monetary Board, in its Resolution No. 1769 dated December 16, 1998, decided to allow the inclusion of the non-refundable capital gains tax and documentary stamp tax incurred in connection with a foreclosure to form part of the book value of such acquired real estate property, provided that the total book value does not exceed the appraised value of the foreclosed asset, as determined by an independent external appraiser acceptable to Bangko Sentral ng Pilipinas.
This Circular Letter shall take effect immediately.
For the Monetary Board:
ALBERTO V. REYES Officer-In-Charge
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