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SICPA not a done deal, Teves tells solons  

Finance secretary Margarito Teves yesterday assured lawmakers that there is nothing final in the ongoing negotiations of the Bureau of Internal Revenue (BIR) with Swiss firm SICPA Product Security SA, stressing that a "process" has to be observed.

"It must be clarified that the SICPA (proposal) is merely an unsolicited proposal under the BOT (Build-Operate-Transfer) law. It’s not a done deal yet," Teves said.

He said even if the BIR wraps up its negotiations with SICPA for the latter’s stamp-tax technology project, the proposal would still be sent back to the National Economic Development Authority (NEDA) for board approval and subsequently be subjected to a Swiss Challenge.

"Processes must be observed before a decision on SICPA is made," he said. "It must be first accepted, approved and go through some more processes like getting NEDA board approval."

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