Amending Revenue Regulations No. 2-70 which implements Republic Act 6141, as amended

June 28, 1976 REVENUE REGULATIONS NO. 06-76 SUBJECT : Amending Revenue Regulations No. 2-70 which implements Republic Act 6141, as amended TO : All internal revenue officers and others concerned SECTION 1. Section seven (d) of Revenue Regulations No. 2-70 is hereby amended to read as follows: Receipt of tax payment . Payment shall be covered by an official receipt to be issued by the stock broker, transfer agent or secretary of the corporation, as the case may be. The receipt shall indicate the name, address and taxpayer's account number (TAN) of the seller or transferor, kind and number of shares (common or preferred), selling price or market value and amount of tax. The official receipt must, prior to use, be first registered with the Bureau of Internal Revenue. Stock brokers may use their current sales confirmation form in lieu of official receipts provided that said sales confirmations are first registered with the Bureau of Internal Revenue prior to use. SECTION 2. A new sub-section in Section 7, denoted as subsection (e), is inserted to read as follows: Records to be kept . In lieu of stating the Tax Account Number (TAN) on the official receipt or Sales Confirmation as required by Section 7 (d), it shall be sufficient for the stock broker to maintain for each person buying or selling shares of stock a reference card and a ledger card, which shall form part of its permanent accounting records. The Reference Card shall contain the name, address and taxpayer's account number (TAN) of the transferor/transferee. The same data shall also be set forth in the Individual Ledger Card in addition to the kind and number of shares (common or preferred), selling price or market value and amount of tax paid. SECTION 3. A new sub-section in Section 10, denoted as sub-section (b), is inserted to read as follows: Submission of information returns . Within thirty (30) days after the close of each calendar quarter, stock brokers shall submit to the Bureau of Internal Revenue a list of all stock transactions during the quarter which are subject to capital gains tax. The list shall indicate the complete name, the address and taxpayer's account number (TAN) of the transferor and transferee, as well as the kind and number of shares (common or preferred) and their selling price or market value. SECTION 4. Effectivity . This regulation shall take effect immediately. aisa dc CESAR A. VIRATA Secretary of Finance Recommended by: EFREN I. PLANA Acting Commissioner of Internal Revenue TAN: 1456-040-3