Implementing Revenue Regulations No. 5-91 Relative to the Payment of the Documentary Stamp Tax on Stocks Transactions in the Stock Exchanges

October 25, 1991 REVENUE MEMORANDUM ORDER NO. 38-91 SUBJECT : Implementing Revenue Regulations No. 5-91 Relative to the Payment of the Documentary Stamp Tax on Stocks Transactions in the Stock Exchanges TO : All Revenue Officials and Others Concerned In order to facilitate the assessment and collection of the documentary stamp tax on stock transactions in the stock exchanges, the following are hereby prescribed. 1. BIR personnel shall be assigned and stationed in every stock exchange and shall perform the following functions: cd i a) Receive daily all tax returns (BIR Form No. ) filed and tax payments relative to stock transactions (i.e. 1/4 of 1% stock transaction tax and documentary stamp tax); b) Assist taxpayers whenever necessary and inform them of recent tax measures and procedures pertinent to the industry. c) Act as liaison between the stock exchanges and the BIR relative to issues involving the industry; d) Undertake such related tasks as may be assigned by the Commissioner. 2. All policies, rules and regulations which may be issued by the BIR for the purpose of providing a better system of collecting taxes on stock transactions shall be disseminated to all the revenue personnel who shall implement the same judiciously. All prior instructions, orders, circulars and other existing issuances or portions thereof inconsistent with this Memorandum Order is hereby amended or modified accordingly. This Memorandum Order shall take effect immediately. (Sgd.) JOSE U. ONG Commissioner of Internal Revenue