Amendment to Section 4 of RA 6141 pursuant to Presidential Decree No. 10, dated October 2, 1972

October 10, 1972 REVENUE REGULATIONS NO. 06-72 SUBJECT : Amendment to Section 4 of RA 6141 pursuant to Presidential Decree No. 10, dated October 2, 1972 TO : All internal revenue officers and others concerned SECTION 1. Scope . Pursuant to Section 9 of RA 6141 entitled "AN ACT TO CREATE A PEACE AND ORDER SPECIAL ACCOUNT IN THE GENERAL FUND TO FINANCE THE ACTIVITIES AND FUNCTIONS OF THE POLICE COMMISSION AS DEFINED IN THE POLICE ACT OF 1966 AND CERTAIN POLICE ACTIVITIES OF THE NATIONAL BUREAU OF INVESTIGATION AND FOR OTHER PURPOSES", and the amendment to Section 4 of said act by Presidential Decree No. 10, dated October 2, 1972, which provides as follows: "(1) That the percentage tax on stock transactions is hereby reduced from two per centum to one fourth of one per centum." the following regulations providing the manner and system of collecting and accounting of the 1/4 of one per centum tax on stock transactions are hereby promulgated which shall be known as Revenue Regulations No. 6-72. SECTION 2. Section 2 of Revenue Regulations No. 2-70 dated November 11, 1970 is hereby amended to read as follows: On or after October 2, 1972, the date Presidential Decree No. 10 was promulgated, there shall be paid and collected a tax of 1/4 of one per centum on every sale, exchange, transfer or similar transaction intended to convey ownership of, or title to, any share or shares of stock based on the gross selling price of the share or shares of stock sold, or on the gross value in money of the share or shares of stock exchanged or transferred, the same to be paid by the seller or transferor. The tax shall be due and payable only as regards shares of stock acquired and sold, transferred or exchanged on or after November 5, 1970. Shares acquired before November 5, 1970 which shall be sold, transferred or exchanged after said date shall not be subject to this tax but the sale, transfer or exchange shall be treated as provided for by the pertinent provisions of the National Internal Revenue Code. SECTION 3. Effectivity . This regulations shall take effect from the date of promulgation of Presidential Decree No. 10. cdt CESAR VIRATA Secretary Recommended by: MISAEL P. VERA Commissioner of Internal Revenue ANNEX A 1st Indorsement October 17, 1972 Respectfully returned to the Commissioner of Internal Revenue, Manila, the proposed Revenue Regulations No. 6-72 pertaining to the reduction of the stock transfer tax from 2% to 1/4 of 1% pursuant to Presidential Decree No. 10 dated October 2, 1972, duly approved. CESAR VIRATA Secretary ANNEX B October 11, 1972 The Honorable The Secretary of Finance Manila Sir : I have the honor to forward herewith the proposed Revenue Regulations No. 6-72, the subject matter of which is the reduction of the stock transfer tax from 2% to 1/4 of one per cent, pursuant to Presidential Decree No. 10, dated October 2, 1972, for your approval. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue