A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
Republic Acts :
REPUBLIC ACT NO. 7717 - AN ACT IMPOSING A TAX ON THE SALE, BARTER OR EXCHANGE OF SHARES OF STOCK LISTED AND TRADED THROUGH THE LOCAL STOCK EXCHANGE OR THROUGH INITIAL PUBLIC OFFERING, AMENDING FOR THE PURPOSE THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, BY INSERTING A NEW SECTION AND REPEALING CERTAIN SUBSECTIONS THEREOF
Section 1. A new section is hereby inserted in the National Internal Revenue Code, as amended, as Section 124-A, which shall read as follows:
Sec. 124-A. Tax on Sale, Barter or Exchange of Shares
of Stock Listed and Traded through the Local Stock Exchange or through
Initial Public Offering. — (a) Tax on sale, barter or exchange of
shares of stock listed and traded through the local stock exchange. —
There shall be levied, assessed, and collected on every sale, barter,
exchange, or other disposition of shares of stock listed and traded
through the local exchange other than the sale by a dealer in
securities, a tax at the rate of one-half of one percent (1/2 of 1%) of
the gross selling price or gross value in money of the shares of stock
sold, bartered, exchanged, or otherwise disposed which shall be paid by
the seller or transferor.
Sec. 2. For a period of one (1) year after the effectivity of this Act, the tax imposed on the sale, barter, exchange, or other disposition of stock listed and traded through the local stock exchange shall be three-eights of one percent (3/8 of 1%).
Sec. 3. Section s 21(d)(2), 24(e)(2)(B), 25(a)(6)(C)(ii), and 25(b)(5)(C)(ii) of the National Internal Revenue Code, as amended, are hereby repealed.
Sec. 4. The Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue, shall within ninety (90) days from the effectivity of this Act promulgate such rules and regulations as may be necessary for the effective implementation hereof.
Sec. 5. This Act shall take effect fifteen (15)
days after its publication in the Official Gazette or in at least two
(2) national newspapers of general circulation whichever comes earlier.
Approved: May 5, 1994