Transfer of Real Property.
Section 12
SEC. 12. Transfer of Real Property. — Any existing, law to the contrary notwithstanding, the sale or transfer of real property to REITs, which includes the sale or transfer of any and all security interest thereto, shall be subject to fifty percent (50%) of the applicable Documentary Stamp Tax (DST) imposed under Title VII of the National Internal Revenue Code of 1997, as amended. All applicable registration and annotation fees to be paid, related or incidental to the transfer of assets or the security interest thereto, shall be fifty percent (50%) of the applicable registration and annotation fees. The incentives granted under this section can be availed of by an unlisted REIT, provided it is listed with an Exchange not later than two (2) years from the date of the initial availment of the incentives. The fifty percent (50%) of the applicable DST shall nevertheless be due and demandable together with the applicable surcharge, penalties, and interest thereon reckoned from the date such taxes should have been paid upon the occurrence of any of the following events subject to such curing period as may be prescribed in the IRR of this Act: Failure to list with an Exchange within the period prescribed in this section; Failure to maintain its status as a public company as defined in Section 8.1 of this Act; Failure to maintain the listed status of the investor securities on the Exchange and the registration of the investor securities by the Commission; and/or Failure to distribute at least ninety percent (90%) of its distributable income required under Section 7 of this Act.