QuestionsQuestions (Republic Act No. 9648)
RA 9648 exempts from documentary stamp tax any sale, barter, or exchange of shares of stock that are listed and traded through the local stock exchange.
RA 9648 amended Section 199 of the NIRC of 1997, as amended by RA 9243.
The exemption covers sale, barter, or exchange of shares of stock listed and traded through the local stock exchange.
The shares must be listed and traded through the local stock exchange.
Section 199 states that, notwithstanding the provisions of Section 173 to the contrary, the enumerated instruments/documents are exempt—meaning exemptions under Section 199 control despite Section 173.
It indicates that not only conventional sales but also transactions involving the transfer of shares as barter or exchange are covered, provided they meet the listed-and-traded condition.
RA 9648 took effect on March 20, 2009 or immediately upon the expiration of the five (5)-year exemption from DST on the sale, barter, or exchange of listed and traded shares under RA 9243—whichever applies.
Because it expands/clarifies the exemption under Section 199 to include the specific category of listed and traded shares, building on the prior amendment introduced by RA 9243.
The amendment target (Section 199), the DST context (documents not subject), the transaction types (sale/barter/exchange), and the subject matter requirement (shares listed and traded through the local stock exchange).
The Secretary of Finance must promulgate and publish the necessary rules and regulations for the effective enforcement of the Act.
If any provision is held unconstitutional or invalid, the remaining provisions not affected remain valid.
All laws, decrees, executive orders, rules, and regulations—or parts thereof—inconsistent with RA 9648 are repealed, amended, or modified accordingly.
No. It applies only to shares of stock that are listed and traded through the local stock exchange.
It indicates that RA 9243 already provided a related DST exemption for a limited period, and RA 9648 further modifies Section 199 considering that prior amendment.
By identifying the exact statutory language of the exemption, the scope (sale/barter/exchange), the limitation (listed and traded through local stock exchange), and the effectivity and interaction with earlier exemptions (RA 9243).