An Act to Amend Subsections (C), (S), and (Y) of Section Fourteen Hundred and Forty-Nine and Section Fourteen Hundred and Fifty-One of the Administrative Code, Relative to the Documentary Stamp Tax

March 10, 1922

ACT NO. 3047

AN ACT TO AMEND SUBSECTIONS (C), (S), AND (Y) OF SECTION FOURTEEN HUNDRED AND FORTY-NINE AND SECTION FOURTEEN HUNDRED AND FIFTY-ONE OF THE ADMINISTRATIVE CODE, RELATIVE TO THE DOCUMENTARY STAMP TAX

SECTION 1. Subsections (c), (s), and (y) of section fourteen hundred and forty-nine of the Administrative Code are hereby amended to read as follows:

"SEC. 1449. Stamp tax upon documents and papers. — Upon documents, instruments, and papers, and upon acceptances, assignments, sales, and transfers of the obligation, right, or property incident thereto documentary taxes for and in respect of the transaction so had or accomplished shall be paid as hereinafter prescribed, by the person making, signing, issuing, accepting, or transferring the same, and at the time such act is done or transaction had:

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"(c) On all sales, or agreements to sell, or memoranda of sales, or deliveries, or transfer of bonds, due-bills, certificates of obligation, or shares or certificates of stock in any association, company or corporation, or transfer of such securities by assignment in blank, or by delivery, or by any paper, or agreement, or memorandum, or other evidence of transfer or sale, whether entitling the holder in any manner to the benefit of such bonds, due-bills, certificates of obligation or stock, or to secure the future payment of money, or for the future transfer of any bond, due-bill, certificate of obligation or stock, on each two hundred pesos, or fractional part thereof, of the par value of such bond, due-bill, certificate of obligation or stock, four centavos."

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"(s) On each passage ticket, whether a single fare or return ticket, or any receipt for money paid for the passage of a person on any vessel other than a vessel belonging to the Insular Government or the Government of the United States from any port in the Philippines Islands to a part in the United States or to any foreign port:

"(1) If said passage costs not more than sixty pesos, one peso and fifty centavos.

"(2) If said passage costs more than sixty pesos and not more than one hundred and twenty pesos, two pesos and fifty centavos.

"(3) If said passage costs more than one hundred and twenty pesos and not more than two hundred and fifty pesos, three pesos and fifty centavos.

"(4) If said passage costs more than two hundred and fifty pesos, five pesos."

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"(y) On every charter party, contract, or agreement for the charter of any ship, vessel, or steamer, or any letter or memorandum or other writing between the captain, master, or owner, or other person acting as agent of any ship, vessel, or steamer and any other person or persons for or relating to the charter of any such ship, vessel, or steamer, and on any renewal or transfer of such charter, contract, agreement, letter or memorandum:

"(1) If the registered gross tonnage of the ship, vessel or steamer is not more than three hundred tons, and the duration of the charter or contract is not over six months, six pesos; and for each month or fraction of a month in excess of six months, an additional tax of one peso shall be paid.

"(2) If the registered gross tonnage is more than three hundred tons but not more than six hundred tons, and the duration of the charter or contract is not more than six months, twelve pesos; and for each month or fraction of a month in excess of six months, an additional tax of two pesos shall be paid.

"(3) If the registered gross tonnage is more than six hundred tons and the duration of the charter or contract is not more than six months, twenty-four pesos; and for each month or fraction of a month in excess of six months, an additional tax of four pesos shall be paid."

SECTION 2. Section fourteen hundred and fifty-one of the Administrative Code is hereby amended to read as follows:

"SEC. 1451. Payment of documentary stamp tax — Cancellation of stamp. — Documentary taxes shall be paid by the purchase and affixture of documentary stamps to the document or instrument taxed or to such other paper as may be indicated by law as the proper recipient of the stamp, and by the subsequent cancellation of the same, such cancellation to be accomplished by writing or stamping the date of the cancellation across the face of the stamp in such manner that part of the writing or impression shall be on the stamp itself and part on the paper to which it is attached.

"When the evidence of a sale or transfer is shown only on the books of a company, the stamp shall be affixed to such books; and in case of the issuance of certificates of stock or other securities or passage tickets, the stamp shall be affixed to the stub or duplicate to be kept in the office of the person or company issuing such certificates, securities or tickets; and in case the change of ownership is by transfer of certificates the stamp shall be affixed to the certificate; and in case of an agreement to sell, or when the transfer is by delivery of the certificate assigned in blank, there shall be made and delivered by the seller to the buyer a bill or memorandum of such sale to which the stamp shall be affixed; and every such bill or memorandum of sale, or agreement to sell, shall show the date thereof, the name of the seller and of the purchaser, the amount of the sale, and matter or thing to which it refers."

SECTION 3. This Act shall take effect on its approval.

Approved, March 10, 1922.