CBP Circular Letter
CBP Circular Letter • Bangko Sentral ng Pilipinas • Circular Letters (Unnumbered) • Jan 14, 1981
Full text
January 14, 1981 CBP CIRCULAR LETTER TO : All Authorized Agent Banks and Authorized Security Dealers Please be advised that in the light of Revenue Regulations No. 14-80 dated November 14, 1980 of the Bureau of Internal Revenue embodying the rules and regulations on taxation of net capital gains derived from stock transactions, all remittances of foreign exchange representing divestment proceeds of foreign investments pursuant to Central Bank Circular No. 365 dated March 15, 1973, may be allowed only upon prior submission to the Authorized Agent Banks of proof of payment of the corresponding capital gains tax. cdlex Please be guided accordingly. (SGD.) JAIME C. LAYA Governor
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