[ REPUBLIC ACT NO. 567, August 31, 1950 ]
AN ACT TO AMEND TITLE VI OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE.
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Section two hundred twelve of Commonwealth Act Numbered Four hundred sixty-six, as amended by section two of Republic Act Numbered Forty, is hereby further amended to read as follows:
"Section 212. Stamp tax on original issue of certificates of stock. - On every original issue, whether on organization, reorganization or for any lawful purpose, of certificates of stock by any association, company, or corporation, there shall be collected a documentary stamp tax of fifty centavos on each two hundred pesos or fractional part thereof, of the par value of such certificates: Provided, That in the case of the original issue of stock without par value, the amount of the documentary stamp tax herein prescribed shall be based upon the actual consideration received by the association, company, or corporation for the issuance of such stock, and in the case of stock dividends, on the actual value represented by each share."
Section 2. Section two hundred and thirteen of Commonwealth Act Numbered Four hundred and sixty-six, as amended by section throe of Republic Act Numbered Forty, is hereby further amended to read as follows:
"Section 213. Stamp tax on sales, agreements to sell, memoranda of sales, deliveries or transfer of bonds, due-bills, certificates of obligation, or shares or certificates of stock. - 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 evidences 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, there shall be collected a documentary stamp tax of ten centavos on each two hundred pesos, or fractional part thereof, of the par value of such bond, due-bill, certificates of obligation or stock: Provided, That only one tax shall be collected on each sale or transfer of stock or securities from one person to another, regardless of whether or not, a certificate of stock or obligation is issued, indorsed, or delivered in pursuance of such sale or transfer: And provided, further, That in the case of stock without par value the amount of the documentary stamp tax herein prescribed shall be equivalent to twenty per centum of the documentary stamp tax paid upon the original issue of said stock."
Section 3. Section two hundred and twenty-six of Commonwealth Act Numbered Four hundred and sixty-six, as amended by section fifteen of Republic Act Numbered Forty, is hereby further amended, to read as follows:
"Section 226. Stamp tax on warehouse and hotel receipts. -
(a) On each warehouse receipt for property held in storage in a public or private warehouse or yard for any other person than the proprietor of such warehouse or yard himself, there shall be collected a documentary stamp tax of thirty centavos: Provided, That no tax shall be collected on each warehouse receipt issued to any one person in any one calendar month covering property the value of which does not exceed two hundred pesos.
"(b) On each hotel receipt issued by keepers of hotels ,or lodging houses to a guest for lodging, there shall be collected a documentary stamp tax of fifty centavos on each twenty pesos or fractional part thereof."
Section 4. Section two hundred and twenty-eight of Commonwealth Act Numbered Four hundred and sixty-six, as amended by section seventeen of Republic Act Numbered Forty, is hereby further amended to read as follows:
"Section 228. Stamp tax on passage tickets. - 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 or other means of transportation other than a vessel or other means of transportation belonging to the Government of the Republic of the Philippines from any port or place in the Philippines to any port or place in any foreign country, there shall be collected a documentary stamp tax at the following rates :
"(a) If said passage costs not more than sixty pesos, seven pesos and fifty centavos.
"(b) If said passage costs more than sixty pesos and not more than one hundred and twenty pesos, twelve pesos.
"(c) If said passage costs more than one hundred and twenty pesos and not more than two hundred and fifty pesos, fifteen pesos.
"(d) If said passage costs more than two hundred and fifty pesos and not more than five hundred pesos, thirty pesos.ℒαwρhi৷
"(e) If said passage costs more than five hundred pesos and not more than one thousand pesos, fifty pesos.
"(f) If said passage costs more than one thousand pesos, one hundred pesos."
Section 5. Section two hundred and thirty-two of Commonwealth Act Numbered Four hundred and sixty-six, as amended by section twenty-one of Republic Act Numbered Forty, is hereby further amended to read as follows :
"Section 232. Stamp tax on mortgages, pledges, and deeds of trust. - On every mortgage or pledge of lands, estate, or property, real or personal, heritable or movable, whatsoever, where the same shall be made as a security for the payment of any definite and certain sum of money lent at the time or previously due and owing or forborne to be paid being payable, and on any conveyance of land, estate or property, whatsoever, in trust or to be sold, or otherwise converted into money, which shall be and intended only as security, either by express stipulation or otherwise, there shall be collected a documentary stamp tax at the following rates:
"(a) When the amount for which the mortgage or deed of trust is given exceeds one thousand pesos and does not exceed three thousand pesos, one peso and fifty centavos,
"(b) On each three thousand pesos or fractional part thereof in excess of three thousand pesos, an additional tax of one peso and fifty centavos.
"On any mortgage, pledge, or deed of trust, where the same shall be made as a security for the payment of a fluctuating account or future advances without fixed limit, the documentary stamp tax on such mortgage, pledge or deed of trust shall be computed on the amount actually loaned or given at the time of the execution of the mortgage, pledge or deed of trust. However, if subsequent advances are made on such mortgage, pledge or deed of trust, additional documentary stamp tax shall be paid which shall be computed on the basis of the amount advanced or loaned at the rates specified above: That if the full amount of the loan or credit granted under the mortgage, pledge or deed of trust is specified in such mortgage, pledge or deed of trust, the documentary stamp tax prescribed in this section shall be paid and computed on the full amount of the loan or credit granted."
Section 6. Section two hundred and thirty-three of Commonwealth Act Numbered Four hundred and sixty-six, as amended by section twenty-two of Republic Act Numbered Forty, is hereby further amended to read as follows:
"Section 233. Stamp tax on deeds of sale and conveyance of real property. - On all conveyances, deeds, instruments or writings, other than grants, patents, or original certificates of adjudication issued by the Government, whereby any lands, tenements, or other realty sold shall be granted, assigned, transferred or otherwise conveyed to the purchaser or purchasers, or to any other person or persons designated by such purchaser or purchasers, there shall be collected a documentary stamp tax at the following rates:
"(a) When the consideration, or value received or contracted to be paid for such realty, after making proper allowance of any incumbrance, exceeds two hundred and docs not exceed one thousand pesos, seventy-five centavos.
"(b) For each additional one thousand pesos, or fractional part thereof in excess of one thousand pesos of such consideration or value, three pesos.
"When it appears that the amount of the documentary stamp tax payable hereunder has been reduced by an incorrect statement of the consideration in any conveyance, deed, instrument, or writing subject to such tax, the Collector of Internal Revenue, provincial or city treasurer, or other revenue officer shall, from the assessment rolls, or other reliable source of information, assess the property at its true market value and collect the proper tax thereon."
Section 7. This Act shall take effect upon its approval taut, unless otherwise expressly extended by Congress, the increased taxes provided for in this Act shall continue in force and effect only until December 31, 1952, after which period the actual rates of taxes shall again be in force.
Approved, August 31, 1950
The Lawphil Project - Arellano Law Foundation
