Article 69p. 69

NATIONAL INTERNAL REVENUE CODE TAXATION, TARIFF and CUSTOMS LAWS

(b) If the registered gross tonnage exceeds one

thousand (1,000) tons and does not exceed ten

thousand (10,000) tons, and the duration of the

charter or contract does not exceed six (6) months,

Two thousand pesos (P2,000); and for each month or

fraction of a month in excess of six (6) months, an

additional tax of Two hundred pesos (P200) shall be

paid.

(c) If the registered gross tonnage exceeds ten

thousand (10,000) tons and the duration of the

charter or contract does not exceed six (6) months,

Three thousand pesos (P3,000); and for each month

or fraction of a month in excess of six (6) months, an

additional tax of Three hundred pesos (P300) shall

be paid.

(as amended by RA No 10963)

SEC. 198. Stamp Tax on Assignments and Renewals of

Certain Instruments. - Upon each and every assignment

or transfer of any mortgage, lease or policy of insurance,

or

the

renewal

or

continuance

of

any

agreement,

contract,

charter,

or

any

evidence

of

obligation

or

indebtedness by altering or otherwise, there shall be

levied, collected and paid a documentary stamp tax, at

the same rate as that imposed on the original instrument.

SEC. 199. Documents and Papers Not Subject to Stamp

Tax. - The provisions of Section 173 to the contrary

notwithstanding, the following instruments, documents

and papers shall be exempt from the documentary

stamp tax:

(a)

Policies

of

insurance

or

annuities

made or

granted by a fraternal or beneficiary society, order,

association or cooperative company, operated on

the lodge system or local cooperation plan and

organized and conducted solely by the members

thereof for the exclusive benefit of each member

and not for profit.

(b)

Certificates

of

oaths

administered

to

any

government official in his official capacity or of

acknowledgment by any government official in the

performance

of

his

official

duties,

written

appearance in any court by any government official,

in

his

official

capacity;

certificates

of

the

administration of oaths to any person as to the

authenticity of any paper required to be filed in

court by any person or party thereto, whether the

proceedings

be

civil

or

criminal;

papers

and

documents filed in courts by or for the national,

provincial, city or municipal governments; affidavits

of poor persons for the purpose of proving poverty;

statements

and

other

compulsory

information

required of persons or corporations by the rules and

regulations

of

the

national,

provincial,

city

or

municipal

governments

exclusively for statistical

purposes and which are wholly for the use of the

bureau or office in which they are filed, and not at

the instance or for the use or benefit of the person

filing them; certified copies and other certificates

placed upon documents, instruments and papers

for

the

national,

provincial,

city,

or

municipal

governments, made at the instance and for the sole

use of some other branch of the national, provincial,

city or municipal governments; and certificates of

the assessed value of lands, not exceeding Two

hundred pesos (P200) in value assessed, furnished

by the provincial, city or municipal Treasurer to

applicants for registration of title to land.

(c) Borrowing and lending of securities executed

under

the

Securities

Borrowing

and

Lending

Program of a registered exchange, or in accordance

with

regulations

prescribed

by

the

appropriate

regulatory authority: Provided, however, That any

borrowing or lending of securities agreement as

contemplated hereof shall be duly covered by a

master securities borrowing and lending agreement

acceptable to the appropriate regulatory authority

and

which

agreement

is

duly

registered

and

approved by the Bureau of Internal Revenue. (BIR).

(d)

Loan

agreements

or

promissory

notes,

the

aggregate of which does not exceed Two hundred

fifty thousand pesos ( P250,000) or any such amount

as may be determined by the Secretary of Finance,

executed

by

an

individual

for his purchase on

installment for his personal use or that for his family

and not for business or resale, barter or hire of a

house, lot, motor vehicle, appliance or furniture:

Provided, however, That the amount to be set by the

Secretary of Finance shall be in accordance with a

relevant price index but not to exceed ten percent

(10%) of the current amount and shall remain in

force at least for three (3) years.

(e) Sale, barter or exchange of shares of stock listed

and traded through the local stock exchange.

(f) Assignment or transfer of any mortgage, lease or

policy of insurance, or the renewal or continuance of

any agreement, contract, charter, or any evidence of

obligation or indebtedness, if there is no change in

the maturity date or remaining period of coverage

from that of the original instrument.

(g) Fixed income and other securities traded in the

secondary market or through an exchange.

(h) Derivatives: Provided, That for purposes of this

exemption,

repurchase

agreements

and

reverse

repurchase agreements shall be treated similarly as

derivatives.

(i) Interbank or interdepartmental advances within

the same legal entity.

(j) All forbearances arising from sales or service

contracts

including

credit

card

and

trade

receivables: Provided, That the exemption be limited

to those executed by the seller or service provided.

(k) Bank deposit accounts without a fixed term or

maturity.

(l) All contracts, deeds, documents, documents and

transactions related to the conduct of business of

the Bangko Sentral ng Pilipinas.

(m) Transfer of property pursuant to Section 40 (C)

(2) of the National Internal Revenue Code of 1997, as

amended.

(n) Interbank call loans with maturity of not more

than seven (7) days to cover deficiency in reverses

against deposit liabilities including those between

or among banks and quasi-banks.

SEC. 200. Payment of Documentary Stamp Tax. -

(A) In General. - The provisions of Presidential Decree No.

1045

notwithstanding,

any

person

liable

to

pay

documentary stamp tax upon any document subject to

tax under Title VII of this Code shall file a tax return and

pay the tax in accordance with the rules and regulations

to be prescribed by the Secretary of Finance, upon

recommendation of the Commissioner.

(B) Time for Filing and Payment of the Tax. - Except as

provided by rules and regulations promulgated by the

Secretary

of

Finance,

upon

recommendation of the

Commissioner, the tax return prescribed in this Section

shall be filed within ten (10) days after the close of the

month when the taxable document was made, signed,

issued, accepted, or transferred, and the tax thereon shall

be paid at the same time the aforesaid return is filed.

(C)

Where

to

File.

-

Except

in

cases

where

the

Commissioner otherwise permits, the aforesaid tax return

shall be filed with and the tax due shall be paid through

the

authorized

agent

bank

within

the

territorial

jurisdiction of the Revenue District Office which has

jurisdiction

over

the

residence or principal place of

business of the taxpayer. In places where there is no

authorized agent bank, the return shall be filed with the

Revenue

District

Officer,

collection

agent,

or

duly

authorized Treasurer of the city or municipality in which

© Compiled by RGL

69 of 201