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PRESIDENTIAL DECREE NO. 16-A
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PRESIDENTIAL DECREE NO. 16-A -
AMENDING PRESIDENTIAL DECREE NO. 16 DATED OCTOBER 5, 1972, ENTITLED,
"AMENDING Section 34(b) OF THE NATIONAL INTERNAL REVENUE CODE, AS
AMENDED, EXEMPTING CAPITAL GAINS, EXCEPT SHARES OF STOCKS OR
CORPORATIONS UNDER Section 4 OF REPUBLIC ACT NO. 6141, UNDER CERTAIN
CONDITIONS."
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Paragraph five of Presidential Decree No.
16 dated October 5, 1972, is hereby amended to read as follows: chanroblesvirtualawlibrary
"Sec. 34(b). In the case of a taxpayer, other than a
corporation, no gain or loss will be recognized on the portion of the
gains realized that corresponds to the portion of the proceeds of the
sale, disposition or transfer of capital assets, except shares of
stocks of corporation covered in Section 4 of Republic Act No. 6141,
invested in capital stocks of preferred productive enterprises or in
the purchase of new issues of government bonds, securities, debentures
and notes other than treasury bills, within six (6) months from the
date the gains were realized: Provided, That the shares of stocks or
government instruments representing the investments are not disposed of
transferred, assigned or conveyed for a period of three (3) years from
the date the investment was made, otherwise all the taxes due on the
gains realized from the original transfer, sale or disposition of the
capital assets shall immediately become due and payable."
Presidential Decree No. 16 dated October 5, 1972 and regulations part
thereof inconsistent herewith are hereby revoked or amended accordingly.
Done in the City of Manila,
this 5th day of October, in the year of Our Lord, nineteen hundred and
seventy-two.
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