TAX NOTES
Government Securities Repurchase Program
THE Bureau of Internal Revenue issued Revenue Memorandum Circular (RMC) No. 95-2017 last Nov. 10. RMC No. 95-2017 provides guidelines on the proper tax treatment of the Government Securities Repurchase Program (GS Repo Program) governed by the Global Master Repurchase Agreement (GMRA), a program intended to contribute to building a deeper and more liquid bond market to further promote capital market development in the Philippines.