Limiting the Substantiation Requirements in Determining the Capital Gains on Stock Transactions; Amending Revenue Regulations No. 14-80 for this purpose
Revenue Regulations No. 13-81 • Bureau of Internal Revenue (BIR) Issuances • Revenue Regulations • May 29, 1981
Full text
May 29, 1981 REVENUE REGULATIONS NO. 13-81 SUBJECT : Limiting the Substantiation Requirements in Determining the Capital Gains on Stock Transactions; Amending Revenue Regulations No. 14-80 for This Purpose TO : All Internal Officers and Others Concerned SECTION 1 . Pursuant to Letter of Instructions No. 1133 dated May 21, 1981, a new section to be known as Section 7-A is hereby added to Revenue Regulations No. 14-80, to read as follows: "Sec. 7-A. Limitation on substantiation requirements; penalty for violations thereof . For purposes of imposing the capital gains tax realized from stock transactions, only the selling price, acquisition cost and the allowable deductible expenses may be looked into in the verification of tax returns. In no case shall the inquiry be made as to the sourcing of funds used in the acquisition of stocks listed in the stock exchanges. Any officer or employee in the Bureau of Internal Revenue who violates this prohibition shall be subject to removal or suspension from Office." SECTION 2 . These Regulations shall take effect immediately. EFREN I. PLANA Acting Minister of Finance Recommended by: RUBEN B. ANCHETA Acting Commissioner
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