SEC.
173. Stamp Taxes Upon Documents, Loan Agreements, Instruments and Papers.
- Upon
documents, instruments, loan agreements and papers, and upon acceptances,
assignments, sales and transfers of the obligation, right or property incident
thereto, there shall be levied, collected and paid for, and in respect
of the transaction so had or accomplished, the corresponding documentary
stamp taxes prescribed in the following Sections of this Title, by the
person making, signing, issuing, accepting, or transferring the same wherever
the document is made, signed, issued, accepted or transferred when the
obligation or right arises from Philippine sources or the property is situated
in the Philippines, and the same time such act is done or transaction had:
Provided, That whenever one party to the taxable document enjoys
exemption from the tax herein imposed, the other party who is not exempt
shall be the one directly liable for the tax.
SEC.
174. Stamp Tax on Debentures and Certificates of Indebtedness.
- On all debentures and certificates of indebtedness issued by any
association, company or corporation, there shall be collected a documentary
stamp tax of One peso and fifty centavos (P1.50) on each Two hundred pesos
(P200), or fractional part thereof, of the face value of such documents.
SEC.
175. 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 tax of Two pesos (P2.00) 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.
176. Stamp Tax on Sales, Agreements to Sell, Memoranda of Sales, Deliveries
or Transfer of Due-bills, Certificates of Obligation, or Shares of Certificates
of Stock. -
On all sales, or agreements to sell, or memoranda of sale, or deliveries,
or transfer of due-bills, certificates of obligation, or shares of 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 due-bills, certificates
of obligation or stock, or to secure the future payment of money, or for
the future transfer of any due-bill, certificate of obligation or stock,
there shall be collected a documentary stamp tax of One peso and fifty
centavos (P1.50) on each Two hundred pesos (P200) or fractional part thereof,
of the par value of such due-bill, certificate of obligation or stock;
Provided, That only one tax shall be collected on each sale or transfer
of stock or securities from one person to another, regardless of whether
or not a certificate of stock or obligation 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 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.
177. Stamp Tax on Bonds, Debentures, Certificate of Stock or Indebtedness
Issued in Foreign Countries. - On
all bonds, debentures, certificates of stock, or certificates of indebtedness
issued in any foreign country, there shall be collected from the person
selling or transferring the same in the Philippines, such as tax as is
required by law on similar instruments when issued, sold or transferred
in the Philippines.
SEC.
178. Stamp Tax on Certificates of Profits or Interest in Property or
Accumulations. -
On all certificates of profits, or any certificate or memorandum showing
interest in the property or accumulations of any association, company or
corporation, and on all transfers of such certificates or memoranda, 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 face
value of such certificate or memorandum.
SEC.
179. Stamp Tax on Bank Checks, Drafts, Certificates of Deposit not Bearing
Interest, and Other Instruments. -
On each bank check, draft, or certificate of deposit not drawing interest,
or order for the payment of any sum of money drawn upon or issued by any
bank, trust company, or any person or persons, companies or corporations,
at sight or on demand, there shall be collected a documentary stamp tax
of One peso and fifty centavos (P1.50).
SEC.
180. Stamp Tax on All Bonds, Loan Agreements, promissory Notes, Bills
of Exchange, Drafts, Instruments and Securities Issued by the Government
or Any of its Instrumentalities, Deposit Substitute Debt Instruments, Certificates
of Deposits Bearing Interest and Others Not Payable on Sight or Demand.
- On
all bonds, loan agreements, including those signed abroad, wherein the
object of the contract is located or used in the Philippines, bills of
exchange (between points within the Philippines), drafts, instruments and
securities issued by the Government or any of its instrumentalities, deposit
substitute debt instruments, certificates of deposits drawing interest,
orders for the payment of any sum of money otherwise than at sight or on
demand, on all promissory notes, whether negotiable or non-negotiable,
except bank notes issued for circulation, and on each renewal of any such
note, 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 agreement, bill of exchange, draft, certificate
of deposit, or note: Provided, That only one documentary stamp tax
shall be imposed on either loan agreement, or promissory notes issued to
secure such loan, whichever will yield a higher tax: Provided, however,
That loan agreements or promissory notes the aggregate of which does not
exceed Two hundred fifty thousand pesos (P250,000) executed by an individual
for his purchase on installment for his personal use or that of his family
and not for business, resale, barter or hire of a house, lot, motor vehicle,
appliance or furniture shall be exempt from the payment of the documentary
stamp tax provided under this Section.
SEC.
181. Stamp Tax Upon Acceptance of Bills of Exchange and Others.
- Upon
any acceptance or payment of any bill of exchange or order for the payment
of money purporting to be drawn in a foreign country but payable in the
Philippines, 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 order, or the Philippine
equivalent to such value, if expressed in foreign currency.
SEC.
182. Stamp Tax on Foreign Bills of Exchange and Letters of Credit. -
On all foreign bills of exchange and letters of credit (including orders,
by telegraph or otherwise, for the payment of money issued by express or
steamship companies or by any person or persons) drawn in but payable out
of the Philippines in a set of three (3) or more according to the custom
of merchants and bankers, 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 letter
of credit, or the Philippine equivalent of such face value, if expressed
in foreign currency.
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 insured by any such policy.
SEC.
184. Stamp Tax on Policies of Insurance Upon Property. -
On all policies of insurance or other instruments by whatever name the
same may be called, by which insurance shall be made or renewed upon property
of any description, including rents or profits, against peril by sea or
on inland waters, or by fire or lightning, there shall be collected a documentary
stamp tax of Fifty centavos (P0.50) on each Four pesos (P4.00), or fractional
part thereof, of the amount of premium charged: Provided, however,
That no documentary stamp tax shall be collected on reinsurance contracts
or on any instrument by which cession or acceptance of insurance risks
under any reinsurance agreement is effected or recorded.
SEC.
185. Stamp Tax on Fidelity Bonds and Other Insurance Policies. -
On all policies of insurance or bonds or obligations of the nature of indemnity
for loss, damage or liability made or renewed by any person, association,
company or corporation transacting the business of accident, fidelity,
employer’s liability, plate, glass, steam, boiler, burglar, elevator, automatic
sprinkler, or other branch of insurance (except life, marine, inland, and
fire insurance), and all bonds, undertakings, or recognizances, conditioned
for the performance of the duties of any office or position, for the doing
or not doing of anything therein specified, and on all obligations guaranteeing
the validity or legality of any bond or other obligations issued by any
province, city, municipality, or other public body or organization, and
on all obligations guaranteeing the title to any real estate, or guaranteeing
any mercantile credits, which may be made or renewed by any such person,
company or corporation, there shall be collected a documentary stamp tax
of Fifty centavos (P0.50) on each Four pesos (P4.00), or fractional part
thereof, of the premium charged.
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 One peso and fifty
centavos (P1.50) on each Two hundred pesos (P200) or fractional part thereof,
of the capital of the annuity, or should this be unknown, then on each
Two hundred (P200) pesos, or fractional part thereof, of thirty-three and
one-third (33 1/3) times the annual income. On pre-need plans, the documentary
stamp tax shall be Fifty centavos (P0.50) on each Five hundred pesos (P500),
or fractional part thereof, of the value or amount of the plan.
SEC.
187. Stamp Tax on Indemnity Bonds. -
On all bonds for indemnifying any person, firm or corporation who shall
become bound or engaged as surety for the payment of any sum of money or
for the due execution or performance of the duties of any office or position
or to account for money received by virtue thereof, and on all other bonds
of any description, except such as may be required in legal proceedings,
or are otherwise provided for herein, there shall be collected a documentary
stamp tax of Thirty centavos (P0.30) on each Four pesos (P4.00), or fractional
part thereof, of the premium charged.
SEC.
188. Stamp Tax on Certificates. -
On each certificate of damages or otherwise, and on every certificate or
document issued by any customs officer, marine surveyor, or other person
acting as such, and on each certificate issued by a notary public, and
on each certificate of any description required by law or by rules or regulations
of a public office, or which is issued for the purpose of giving information,
or establishing proof of a fact, and not otherwise specified herein, there
shall be collected a documentary stamp tax of Fifteen pesos (P15.00).
SEC.
189. Stamp Tax on Warehouse Receipts. -
On each warehouse receipt for property held in storage in a public or private
warehouse or yard for any person other than the proprietor of such warehouse
or yard, there shall be collected a documentary stamp tax of Fifteen pesos
(P15.00): Provided, That no tax shall be collected on each warehouse
receipt issued to any one person in any one calendar month covering property
the value of which does not exceed Two hundred pesos (P200).
SEC.
190. Stamp Tax on Jai-Alai, Horse Racing Tickets, lotto or Other Authorized
Numbers Games. -
On each jai-alai, horse race ticket, lotto, or other authorized number
games, there shall be collected a documentary stamp tax of Ten centavos
(P0.10): Provided, That if the cost of the ticket exceeds One peso
(P1.00), an additional tax of Ten centavos (P0.10) on every One peso (P1.00,
or fractional part thereof, shall be collected.
SEC.
191. Stamp Tax on Bills of Lading or Receipts. -
On each set of bills of lading or receipts (except charter party) for any
goods, merchandise or effects shipped from one port or place in the Philippines
to another port or place in the Philippines (except on ferries across rivers),
or to any foreign port, there shall be collected documentary stamp tax
of One peso (P1.00), if the value of such goods exceeds One hundred pesos
(P100) and does not exceed One Thousand pesos (P1,000); Ten pesos (P10),
if the value exceeds One thousand pesos (P1,000): Provided, however,
That freight tickets covering goods, merchandise or effects carried as
accompanied baggage of passengers on land and water carriers primarily
engaged in the transportation of passengers are hereby exempt.
SEC.
192. Stamp Tax on Proxies. -
On each proxy for voting at any election for officers of any company or
association, or for any other purpose, except proxies issued affecting
the affairs of associations or corporations organized for religious, charitable
or literary purposes, there shall be collected a documentary stamp tax
of Fifteen pesos (P15.00).
SEC.
193. Stamp Tax on Powers of Attorney. -
On each power of attorney to perform any act whatsoever, except acts connected
with the collection of claims due from or accruing to the Government of
the Republic of the Philippines, or the government of any province, city
or municipality, there shall be collected a documentary stamp tax of Five
pesos (P5.00).
SEC.
194. Stamp Tax on Leases and Other Hiring Agreements. -
On each lease, agreement, memorandum, or contract for hire, use or rent
of any lands or tenements, or portions thereof, there shall be collected
a documentary stamp tax of Three pesos (P3.00) for the first Two thousand
pesos (P2,000), or fractional part thereof, and an additional One peso
(P1.00) for every One Thousand pesos (P1,000) or fractional part thereof,
in excess of the first Two thousand pesos (P2,000) for each year of the
term of said contract or agreement.
SEC.
195. Stamp Tax on Mortgages, Pledges and Deeds of Trust. -
On every mortgage or pledge of lands, estate, or property, real or personal,
heritable or movable, whatsoever, where the same shall be made as a security
for the payment of any definite and certain sum of money lent at the time
or previously due and owing of forborne to be paid, being payable and on
any conveyance of land, estate, or property whatsoever, in trust or to
be sold, or otherwise converted into money which shall be and intended
only as security, either by express stipulation or otherwise, there shall
be collected a documentary stamp tax at the following rates:
(A) In General. - The provisions of Presidential Decree No. 1045 notwithstanding, any person liable to pay documentary stamp tax upon any document subject to tax under Title VII of this Code shall file a tax return and pay the tax in accordance with the rules and regulations to be prescribed by the Secretary of Finance, upon recommendation of the Commissioner.
(B) Time for Filing and Payment of the Tax. - Except as provided by rules and regulations promulgated by the Secretary of Finance, upon recommendation of the Commissioner, the tax return prescribed in this Section shall be filed within ten (10) days after the close of the month when the taxable document was made, signed, issued, accepted, or transferred, and the tax thereon shall be paid at the same time the aforesaid return is filed.
(C) Where to File. - Except in cases where the Commissioner otherwise permits, the aforesaid tax return shall be filed with and the tax due shall be paid through the authorized agent bank within the territorial jurisdiction of the Revenue District Office which has jurisdiction over the residence or principal place of business of the taxpayer. In places where there is no authorized agent bank, the return shall be filed with the Revenue District Officer, collection agent, or duly authorized Treasurer of the city or municipality in which the taxpayer has his legal residence or principal place of business.
(D) Exception.
- In lieu of the foregoing provisions of this Section, the tax may
be paid either through purchase and actual affixture; or by imprinting
the stamps through a documentary stamp metering machine, on the taxable
document, in the manner as may be prescribed by rules and regulations to
be promulgated by the Secretary of Finance, upon recommendation of the
Commissioner.
SEC.
201. Effect of Failure to Stamp Taxable Document. -
An instrument, document or paper which is required by law to be stamped
and which has been signed, issued, accepted or transferred without being
duly stamped, shall not be recorded, nor shall it or any copy thereof or
any record of transfer of the same be admitted or used in evidence in any
court until the requisite stamp or stamps are affixed thereto and cancelled.
|
|
|
|
|
 Harvard
Computer Systems, Inc. |
|
|
|