PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
MGA BATAS PAMBANSA
BATAS PAMBANSA BLG. 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 |
Section 1.
Paragraph (g), Sec. 34 of the National Internal Revenue Code of
1977, as amended, is further amended to read as follows: "(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 P100,000 10% Over P100,000 20% 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. (P.B. No. 1844) |
Back to Main
Since 19.07.98.