Summary
RMC No. 37-2012 clarifies Section 11 of RR No. 06-08, the Consolidated Regulations on the taxation of sale, barter, exchange or other disposition of shares of stock held as capital assets.
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Key points
- Certificate Authorizing Registration. Transferring ownership of shares of stock not traded in the Stock Exchange requires a Certificate Authorizing Registration, secured through the process in RMO No. 15-03.
- Receipts of tax payment. The receipts of the tax payment must also be filed with and recorded by the Secretary of the Corporation, under Section 11 of RR No. 06-08.
- Inconsistent issuances. All other issuances inconsistent with the Circular are repealed or modified accordingly.
Who is affected
- Persons transferring shares of stock not traded in the Stock Exchange
Summary by Tax Resources PH. It is not a substitute for the full text of the issuance or professional advice.
Copies of BIR issuances are hosted here for reference. For the official version, check bir.gov.ph. Summaries by Tax Resources PH are not a substitute for the full text or professional advice.