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Republic Act
Approved June 30, 2009

Republic Act No. 9648

An act exempting from documentary stamp tax any sale, barter or exchange of shares of stock listed and traded through the stock exchange, further amending for the purpose section 199 of the national internal revenue code of 1997, as amended by republic act no. 9243, and for other purposes

AN ACT EXEMPTING FROM DOCUMENTARY STAMP TAX ANY SALE, BARTER OR EXCHANGE OF SHARES OF STOCK LISTED AND TRADED THROUGH THE STOCK EXCHANGE, FURTHER AMENDING FOR THE PURPOSE SECTION 199 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED BY REPUBLIC ACT NO. 9243, AND FOR OTHER PURPOSES

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In plain language

This Act amends Section 199 of the National Internal Revenue Code to exempt the sale, barter, or exchange of shares of stock listed and traded through the stock exchange from documentary stamp tax, and provides for implementing rules, separability, repealing clauses, and effectivity.

  • Exemption of documentary stamp tax for sale, barter, or exchange of shares of stock listed and traded through the stock exchange
  • Amendment of Section 199 of the National Internal Revenue Code
  • Implementation of rules and regulations by the Secretary of Finance
  • Separability clause ensuring survivability of provisions
  • Repealing clause for inconsistent laws
  • Effectivity date March 20, 2009
stamp tax
shares
stock exchange
Republic Act
National Internal Revenue Code

Fourteenth Congress Second Regular Session

Begun and held in Metro Manila, on Monday, the twenty-eighth day of July, two thousand eight.

REPUBLIC ACT No. 9648 June 30, 2009

AN ACT EXEMPTING FROM DOCUMENTARY STAMP TAX ANY SALE, BARTER OR EXCHANGE OF SHARES OF STOCK LISTED AND TRADED THROUGH THE STOCK EXCHANGE, FURTHER AMENDING FOR THE PURPOSE SECTION 199 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED BY REPUBLIC ACT NO. 9243, AND FOR OTHER PURPOSES

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled::

Section 1

Section 199 of the National Internal Revenue Code of 1997, as amended by [Republic Act No. 9243](../../../statutes/repacts/ra2004/ra_9243_2004.html), is hereby further amended to read as follows:

SEC. 199. Documents and Papers Not Subject to Stamp Tax. - The provisions of Section 173 to the contrary notwithstanding, the following instruments, documents and papers shall be exempt from the documentary stamp tax: "x x x "(e) Sale, barter or exchange of shares of stock listed and traded through the local stock exchange."

Section 2. Implementing Rules and Regulations. - The Secretary of Finance shall promulgate and publish the necessary rules and regulations for the effective enforcement of this Act.

Section 3. Separability Clause

If any provision of this Act is held unconstitutional or invalid, all other provisions not affected thereby shall remain valid.

Section 4. Repealing Clause

All laws, decrees, executive orders, rules and regulations or parts thereof, which are inconsistent with this Act, are hereby repealed, amended or modified accordingly.

Section 5. Effectivity

This Act shall take effect on March 20, 2009 or immediately upon the expiration of the five (5)-year exemption from the documentary stamp tax on the sale, barter or exchange of shares of stock listed and traded through the local stock exchange pursuant to Republic Act No. 9243.

Approved,

JUAN PONCE ENRILE

President of the Senate

PROSPERO C. NOGRALES

Speaker of the House of Representatives

For information and research only, and not legal advice. This text may not reflect later amendments. For certified copies, refer to the Official Gazette or the issuing agency.