Limiting the Substantiation Requirements in Determining the Capital Gains on Stock Transactions
Letter of Instructions No. 1133 • Presidential Issuances • Letters of Instructions • May 21, 1981
Full text
May 21, 1981 LETTER OF INSTRUCTIONS NO. 1133 TO : The Minister of Finance The Commissioner of Internal Revenue SUBJECT : Limiting the Substantiation Requirements in Determining the Capital Gains on Stock Transactions WHEREAS, greater volume of stock transactions complement the development and growth of our economy; WHEREAS, it is necessary to encourage stock transactions to generate greater economic activity; cdt NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by law, do hereby order that for purposes of imposing the capital gains tax realized from stock transactions, only the selling price, acquisition cost and the allowable deductible expenses shall be looked into by the Bureau of Internal Revenue in the verification of tax returns. In no case shall the Bureau inquire into the sourcing of funds used in acquisition of stocks listed in the stock exchanges. Violation of these instructions by any officer or employee of the Bureau shall be subject removal or suspension from office. This Letter of Instructions shall take effect immediately. DONE in the City of Manila, this 21st day of May, in the year of Our Lord, Nineteen Hundred and Eighty-One. cd i
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