Exempts DST on Stock Exchange Shares Sale

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Republic Act No. 9648: Exempts DST on Stock Exchange Shares Sale

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Title Source: Supreme Court: Exempts DST on Stock Exchange Shares Sale

Law: Republic Act No. 9648

Decision Date: Jun 30, 2009

Republic Act No. 9648 exempts the sale, barter, or exchange of shares of stock listed and traded through the stock exchange from the documentary stamp tax, amending the National Internal Revenue Code and providing guidelines for implementation.

Law Summary

Scope of Exemption

The exemption applies exclusively to shares of stock listed and traded through the local stock exchange.
It excludes non-listed shares or other types of securities.

Implementation Authority

The Secretary of Finance is empowered to promulgate and publish the necessary rules and regulations to effectively enforce this exemption.

Separability Clause

If any part of the Act is declared unconstitutional or invalid, the remaining provisions will remain in full force and effect.

Repealing Clause

All laws, decrees, executive orders, rules, and regulations inconsistent with this Act are repealed, amended, or modified accordingly.

Effectivity

The Act takes effect on March 20, 2009, or immediately after the expiration of a prior five-year exemption under Republic Act No. 9243, whichever is later.

Legislative Approval and Signatures

The law is a consolidation of House Bill No. 4900 and Senate Bill No. 3203.
It was passed by the House of Representatives and Senate in May 2009.
The law was approved and signed by then-President Gloria Macapagal-Arroyo on June 30, 2009.

END