Amendment to National Internal Revenue Code Section 34(g)
- The provisions under paragraph (g), Section 34 of the National Internal Revenue Code of 1977 are amended to incorporate the revised capital gains tax rates and the specific rate applicable to shares traded on the stock exchange.
- The amendment overrides any conflicting provisions found in paragraph (b) of the same section.
Collection, Payment, and Remittance Procedures
- The collection, payment, and remittance of the imposed taxes shall be governed by regulations to be formulated by the Minister of Finance.
- These regulations must be issued within thirty days from the approval date of the Act.
- The issuance of such rules and regulations will be upon the recommendation of the Commissioner of Internal Revenue and/or the Chairman of the Securities and Exchange Commission.
- The newly promulgated rules and regulations take effect fifteen days after their publication in a newspaper of general circulation in the Philippines.
Effectivity
- The law takes effect immediately upon approval on March 25, 1982.