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Batas Pambansa Bilang 221
AN
ACT REVISING THE RATES OF CAPITAL GAINS TAX ON CERTAIN SALES OF SHARES
OF STOCK AND THE MANNER OF ASSESSING AND COLLECTING THE SAME, FURTHER
AMENDING
FOR THE PURPOSE OF THE NATIONAL INTERNAL REVENUE CODE OF 1977, AS
AMENDED.
chan
robles
virtual law library
BATAS
PAMBANSA BILANG 221AN
ACT REVISING THE RATES OF CAPITAL GAINS TAX ON CERTAIN SALES OF SHARES
OF STOCK AND THE MANNER OF ASSESSING AND COLLECTING THE SAME, FURTHER
AMENDING
FOR THE PURPOSE OF THE NATIONAL INTERNAL REVENUE CODE OF 1977, AS
AMENDED.chan
robles
virtual law library
chanrobles virtual law librarySection
1. Paragraph (g), Section
34 of the National Internal Revenue Code of 1977, as amended, is
further
amended to read as follows:chanroblesvirtuallawlibrary
"(g) The
provisions of paragraph (b) of this Section to the contrary
notwithstanding,
net capital gains realized during each taxable year by individuals or
corporations
from sale or exchange of shares of stock shall be taxed as
follows:
Not
over P100,000chanrobles virtual law library10%
Over
P100,000chanrobles virtual law library.
chan
r20%
Provided,
however, That sale of shares of stock listed and traded through a local
stock exchange shall be taxed at one-fourth of one percent of the gross
selling price of the share or shares of stock sold.
"The
taxes herein imposed shall be collected, paid and remitted in a manner
provided for by regulations to be promulgated by the Minister of
Finance,
within thirty days from the approval of this Act, upon the
recommendation
of the Commissioner of Internal Revenue and/or the Chairman of the
Securities
and Exchange Commission. Such rules and regulations shall take effect
fifteen
days following its publication in a newspaper of general circulation in
the Philippines."
Sec.
2. This Act shall take
effect upon its approval.
Approved:
March 25, 1982
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