Tax2 Powerpoint

8/13/2019 Tax2 Powerpoint

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DOCUMENT

The Supreme Court defined adocument as a deed, instrument orother duly authorized paper by which

something is proved, evidenced orset forth. As used in the evised!enal Code, it is any writteninstrument by which a right isestablished and an obligatione"tinguished.


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DOCUMENTARY STAMP TAX

The documentary stamp ta" is an

e"cise upon the privilege, opportunity or

facility offered in the e"changes for thetransaction of the business. #t is an

e"cise upon the facility used in the

transaction of the business separate andapart from the business itself.


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THE DOCUMENTARY STAMP TAX IS A LEVY ON THEDOCUMENT

The documentary stamp ta" is levied on the documentand not on the property which is described therein. $utthe documentary stamp ta" is not ta" on the documentalone. The law ta"es document because of thetransaction. The documentary stamp ta" is substantiallya ta" on the transaction rather than the document.

WHEN DOCUMENT STAMP TAXES DUE ANDPAYABLE?

%ocumentary stamp ta"es are due and payable at the

time the transaction is had or accomplished &i.e., at thetime of the issuance of the document'. $ut the rule iswell(settled that the stamp ta" may be paid at any timeeither before or at the time the documents are presentedin evidence. This is, however, without pre)udice to

criminal action.


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DOCUMENTARY REQUIREMENTS:!hotocopy of document&s' to which the

documentary stamp ta" shall be affi"ed,in case constructive affi"ture ofdocumentary stamp ta"*

+or meeting machine users, a scheduleof the details of usage assumption ofdocumentary stamp*

!roof of e"emption under special law, if

applicable*%uly approved ta" debit memo, if

applicable*


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Tax codeSecto!

Doc"#e!t Taxable

UnitTax d"e$e% U!t

& o' U!t Taxa()e(a*e

- Debentures

andcertificates of

indebtedness

!/00 or

fractionthereof

!.10 .-12 Face Value

ofdocument

-1 3riginal issueof shares ofstoc4 withoutpar value

/00 or fractionthereof/00 or fractionthereof based

on actualconsideration

2.00

2.00

2

2

!ar value ofshares ofstoc4s actualconsideration

for theissuance ofshares ofstoc4s

-5 Sales,Agreements tosell,

memoranda ofsale, deliveriesor transfer ofdue bills,certificate ofobligation, orshares orcertificates of

stoc4

/00 orfraction

thereof

.10 .-12 !ar valueof such

due(bills,certificateofobligationor stoc4s


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+,, Bo!d*-de(e!t"%e*-ce%t'cateo' *toc. o%!de(ted!e*

* **"ed !'o%e/!co"!t%e*

011 o%'%acto!t2e%eo'

+341 .75% Par value of

such bonds,

debentures

or

certificate ofstocks

-6 Certificate ofprofits orinterest in

property or

accumulation

200 orfraction

thereof

.10 .25% +ace value ofsuchcertificate7memorandum

-8 Banks checks,drafts, certificate

of deposit not

bearin interest

and other

instruments

3n eachdocument

!.50


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+51Bonds, Loans

Agreeents,

Proissor! "otes,

Bills of #xchange,

$rafts,,nstruents and

&ecurities issued

b! the gov't or an!

of its

instruentalities,

$e(osit substitutes

of $ebt

nstruent,)ertificates of

de(osit bearing

interest and others

not (a!able on

sight or deand

*exce(t loan

agreeent or

(roissor! notes

exceeding

P+5,. for

(ersonal use or

fail! use-

011 o%'%acto!t2e%eo'

. 3+4& /ace value

of the

instruent0

docuent


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PROCEDURES

+ile $# 9o. /000 in triplicate &two copies for

the $# and one copy for the ta"payer' with theAuthorized Agent ban4 &AA$' in the evenue%istrict where the seller or transferor isregistered, for shares of stoc4s or where theproperty is located, for real property. #n placeswhere there are no AA$, the return will be fileddirectly with the evenue Collection 3fficer or

Authorized City or :unicipal Treasurer. Submitall documentary re;uirements and proof of

payment to the evenue %istrict 3ffice having)urisdiction over the place of residence of theseller.


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IMPLICATION O6 6AILURE TO STAMP TAXABLEDOCUMENT

The unta"ed document will not be recorded, nor will it

or any copy thereof or any record of transfer of thesame be admitted or used in evidence in court until

the re;uisite stamp or stamps have been affi"edthereto and cancelled.

9o 9otary !ublic or other officer authorized to

administer oaths will add his )urat or

ac4nowledgement to any document sub)ect todocumentary stamp ta" unless the properdocumentary stamp are affi"ed and cancelled.


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Ce%t'cate o' de$o*t

is a written ac4nowledgement by a ban4 or

ban4er of the receipt of a sum of money on

deposit which the ban4 or ban4er promises to pay

to the depositor, to the order of the depositor, or tosome other person or his order, whereby the

relation of debtor and creditor between the ban4

and the depositor is created.


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Co#$a%*o! o' Re/")a% Sa7!/* Acco"!t- t#e de$o*t a!d

S$eca)8S"$e% Sa7!/* De$o*t Acco"!t 9SSDASa7!/* Acco"!t T#e De$o*t SSDA

I!te%e*t Rate egular Savingsinterest


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Section 179. Stamp Tax on all Debts Instruments. = 3nevery original issue of debt instruments, there shall becollected a documentary stamp ta" """".

The term debt instrument shall mean instruments

representing borrowing and lending transactions includingbut not limited to debentures, certificates of indebtedness,due bills, bonds, loan agreements, """, certificates or otherevidences of deposits that are either drawing interestsignificantly higher than the regular savings deposit ta4inginto consideration the size of the deposit and the ris4s

involved or drawing interest and having a specific maturitydate, """.


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Than4 you>

Amerah !anumpangAcmalin S. :acabantog

?ohairah A. $olug

9orhanie %iang4a

Sittie Al(hadya %elawi

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