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REPUBLIC ACT NO. 9243
AN ACT RATIONALIZING THE PROVISIONS ON THE DOCUMENTARY STAMP TAX OF
THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED. AND FOR
OTHER PURPOSES.
Section 1. Sec. 174 of the National Internal Revenue Code of 1997,
as amended, is hereby deleted.
Sec. 2. Sec. 175 of the National Internal Revenue Code of 1997, as
amended, is hereby renumbered as Sec. 174 and further amended as
follows:
"Sec. 174. Stamp Tax on Original Issue of Shares of Stock. - On
every original issue, whether on organization, reorganization or for
any lawful purpose, of shares of stock by any association, company
or corporation, there shall be collected a documentary stamp of One
peso (P1.00) on each Two hundred pesos (P200), or fractional part
thereof, of the par value, of such shares of stock: Provided, That
in the case of the original issue of shares of stock without par
value, the amount of the documentary stamp tax herein prescribed
shall be based upon the actual consideration for the issuance of
such shares of stock: Provided, further, That in the case of stock
dividends, on the actual value represented by each share."
Sec. 3. Sec. 176 of the National Internal Revenue code of 1997, as
amended , is hereby renumbered as Sec. 175 and further amended as
follows:
"Sec. 175. Stamp Tax on Sales, Agreements to Sell. Memoranda of
Sales, Deliveries or Transfer of Shares or Certificates of Stock. -
On all sales, or agreements to sell, or memoranda of sales, or
deliveries. Or transfer of shares or certificates of stock in any
association, company, or corporation, or transfer of such securities
by assignment in blank, or by delivery, or by any paper or
agreement, or memorandum or other evidences of transfer or sale
whether entitling the holder in any manner to the benefit of such
stock, or to secure the future payment of money, or for the future
transfer of any stock, there shall be collected a documentary stamp
tax of Seventy-five-centavos (P0.75) on each Two hundred pesos
(P200), or fractional part thereof, of the par value of such stock:
Provided, That only one tax shall be collected on each sale or
transfer of stock from one person to another, regardless of whether
or not a certificate of stock is issued, indorsed, or delivered in
pursuance of such sale or transfer: and Provided, further, That in
the case of stock without par value the amount of the documentary
stamp tax herein prescribed shall be equivalent to twenty-five
percent (25%) of the documentary stamp tax paid upon the original
issue of said stock."
Sec. 4. Sec. 177 to 179 of the National Internal Revenue Code of
1997, as amended, are hereby renumbered as Sec.s 176 to 178.
Sec. 5. Sec. 180 of the National Internal Revenue Code of 1997, as
amended, is hereby renumbered as Sec. 179 and further amended to
read as follows:
"Sec. 179. Stamp Tax on All Debt Instruments. - On every original
issue of debt instruments, there shall be collected a documentary
stamp tax on One peso (P1.00) on each Two hundred pesos (P200), or
fractional part thereof, of the issue price of any such debt
instruments: Provided, That for such debt instruments with terms of
less than one (1) year, the documentary stamp tax to be collected
shall be of a proportional amount in accordance with the ration of
its term in number of days to three hundred sixty-five (365) days:
Provided, further, That only one documentary stamp tax shall be
imposed on either loan agreement, or promissory notes issued to
secure such loan.
For purposes of this Sec., the term debt instrument shall mean
instruments representing borrowing and lending transactions
including but not limited to debentures, certificates of
indebtedness, due bills, bonds, loan agreements, including those
signed abroad wherein the object of contract is located or used in
the Philippines, instruments and securities issued by the government
of any of its instrumentalities, deposit substitute debt
instruments, certificates or other evidences of deposits that are
either drawing interest significantly higher than the regular
savings deposit taking into consideration the size of the deposit
and the risks involved or drawing interest and having a specific
maturity date, orders for payment of any sum of money otherwise than
at sight or on demand, promissory notes, whether negotiable or
non-negotiable, except bank notes issued for circulation."
Sec. 6. A new Sec. numbered Sec. 180 of the National Internal
Revenue Code of 1997, as amended, is hereby inserted to read as
follows:
"Sec. 180. Stamp Tax on All Bills of Exchange or Drafts. - On all
bills of exchange (between points within the Philippines) or drafts,
there shall be collected a documentary stamp tax of Thirty centavos
(P0.30) on each Two hundred pesos (P200), or fractional part
thereof, of the face value of any such bill of exchange or draft."
Sec. 7. Sec. 183 of the National Internal Revenue Code of 1997, as
amended, is hereby further amended to read as follows:
"Sec. 183. Stamp Tax on Life Insurance Policies. - On all policies
of insurance or other instruments by whatever name the same may be
called, whereby any insurance shall be made or renewed upon any life
or lives, there shall be collected a documentary stamp tax of Fifty
centavos (P0.50) on each Two hundred pesos (P200), or fractional
part thereof, of the amount of premium collected."
Sec. 8. Sec. 186 of the National Internal Revenue Code of 1997, as
amended, is hereby further amended to read as follows:
"Sec. 186. Stamp Tax on Policies of Annuities and Pre-Need Plans. -
On all policies of annuities, or other instruments by whatever name
the same may be called, whereby an annuity may be made, transferred
or redeemed, there shall be collected a documentary stamp tax of
Fifty centavos (P0.50) on each Two hundred pesos (P200), or
fractional part thereof, of the premium or installment payment or
contract price collected. On pre-need plans, the documentary stamp
tax shall be Twenty centavos (P0.20) on teach Two hundred pesos
(P200), or fractional part thereof, of the premium or contribution
collected."
Sec. 9. Sec. 199 of the National Internal Revenue Code of 1997, as
amended is hereby further amended to read as follows:
"Sec. 199. Documents and Papers Not Subject to Stamp Tax. - The
provisions of Sec. 173 to the contrary notwithstanding, the
following instruments, documents and papers shall be exempt from the
documentary stamp tax:
(a) Policies of insurance or annuities made or granted by a
fraternal or beneficiary society, order, association or cooperative
company, operated on the lodge system or local cooperation plan and
organized and conducted solely by the members thereof for the
exclusive benefit of each member and not for profit.
(b) Certificates of oaths administered to any government official in
his official capacity or of acknowledgment by any government
official in the performance of his official duties, written
appearance in any court by any government official, in his official
capacity; certificates of the administration of oaths to any person
as to the authenticity of any paper required to be filed in court by
any person or party thereto, whether the proceedings be civil or
criminal; papers and documents filed in courts by or for the
national, provincial, city or municipal governments; affidavits of
poor persons for the purpose of proving poverty; statements and
other compulsory information required of persons or corporations by
the rules and regulations of the national, provincial, city or
municipal governments exclusively for statistical purposes and which
are wholly for the use of the bureau or office in which they are
filed, and not at the instance or for the use or benefit of the
person filing them; certified copies and other certificates placed
upon documents, instruments and papers for the national, provincial,
city or municipal governments, made at the instance and for the sole
use of some other branch of the national, provincial, city or
municipal governments; and certificates of the assessed value of
lands, not exceeding Two hundred pesos (P200) in value assessed,
furnished by the provincial, city or municipal Treasurer to
applicants for registration of title to land.
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