BATAS PAMBANSA BLG. 221

: It revises the rates of capital gains tax on certain sales of shares of stock and the manner of assessing and collecting the same, further amending the National Internal Revenue Code of 1977, as amended.
: Net capital gains up to P100,000 are taxed at 10%, and gains over P100,000 are taxed at 20%.
: For such sales, the capital gains tax is one-fourth of one percent (0.25%) of the gross selling price of the shares sold.
: The Minister of Finance, upon the recommendation of the Commissioner of Internal Revenue and/or the Chairman of the Securities and Exchange Commission, is responsible for promulgating the regulations.
: The regulations shall take effect fifteen days following their publication in a newspaper of general circulation in the Philippines.
: Yes, it applies to capital gains realized during each taxable year by both individuals and corporations from the sale or exchange of shares of stock.
: The Act took effect upon its approval on March 25, 1982.
: It amends paragraph (g), Section 34 of the National Internal Revenue Code of 1977, as amended.
: Yes, the rates under paragraph (g) apply notwithstanding the provisions of paragraph (b) of Section 34 to the contrary.
: Within thirty days from the approval of the Act.