Amending Section 34 And Inserting Sub- Section 34 (G) Of The National Internal Revenue Code; As Amended, By Imposing A Capital Gains Tax On Stock Transactions And Extending The Deadline Of
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Amending Section 34 And Inserting Sub- Section 34 (G) Of The National Internal Revenue Code; As Amended, By Imposing A Capital Gains Tax On Stock Transactions And Extending The Deadline Of
Presidential Decree No. 779
January 1, 1976
Case Overview and Summary
Summary of Presidential Decree No. 779Extension of Stock Transaction Tax
- The 1/4 of 1% stock transaction tax imposed by Republic Act No. 6141 is extended until December 31, 1975. (Section 1)
Imposition of Capital Gains Tax on Stock Transactions
- Effective January 1, 1976, capital gains arising from the sale, barter, or exchange of shares of stock derived from sources within the Philippines shall be subject to a new capital gains tax under Section 34(g) of the National Internal Revenue Code. (Section 2)
- The capital gains tax rates are as follows:
- Not over P10,000: 10%
- Over P10,000 but not over P15,000: 12%
- Over P15,000 but not over P20,000: 14%
- Over P20,000 but not over P35,000: 17%
- Over P35,000 but not over P50,000: 20%
- Over P50,000: 25% (Section 2)
- Non-resident investors buying and/or selling shares of stock of Philippine corporations listed in the dollar or any acceptable foreign currency board of any stock exchange shall be subject only to the 1/4 of 1% stock transaction tax. (Section 2)
Implementation
- The Secretary of Finance shall issue rules and regulations for the proper implementation of this Decree. (Section 3)
Effectivity
- Section 2 of this Decree, which imposes the capital gains tax on stock transactions, shall take effect on January 1, 1976. (Section 4)
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Amending Section 34 And Inserting Sub- Section 34 (G) Of The National Internal Revenue Code; As Amended, By Imposing A Capital Gains Tax On Stock Transactions And Extending The Deadline Of
Presidential Decree No. 779
•January 1, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 779 January 1, 1976
AMENDING SECTION 34 AND INSERTING SUB- SECTION 34 (g) OF THE NATIONAL INTERNAL REVENUE CODE; AS AMENDED, BY IMPOSING A CAPITAL GAINS TAX ON STOCK TRANSACTIONS AND EXTENDING THE DEADLINE OF THE STOCK TRANSACTION TAX TO DECEMBER 31, 1975, UNDER REPUBLIC ACT NUMBERED SIX THOUSAND ONE HUNDRED FORTY-ONE, AS AMENDED BY PRESIDENTIAL DECREE NUMBER TEN
WHEREAS, it is imperative to adopt measures responsive to the requirements of a developing economy foremost of which is the financing of economic development programs;
WHEREAS, to encourage more capital investment, persons investing in shares of stock should be subjected to a lesser rate of capital gains tax.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution, do hereby order and decree as follows:
Section 1. The five-year period prescribed in Republic Act Six Thousand One hundred and Forty-One during which any capital gain arising from a stock transaction on which the tax therein imposed...
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