WITH the approval of Republic Act No. 10963 (TRAIN Law), the Bureau of Internal Revenue issued Revenue Regulations (RR) No. 9-2018 last Feb. 26, 2018.
RR No. 9-2018 laid out the implementing rules and guidelines on imposing stock transfer tax (STT) on the transfer of shares publicly listed and traded through the local stock exchange. The RR reiterates from the TRAIN law that the STT increased from ½ of one percent to 6/10 of one percent—an increase of 1/10 of one percent—of the gross selling price or gross value in money of the shares of stock sold, bartered, exchanged, or otherwise disposed of, which shall be paid by the seller or transferor.
The tax filer, whether the seller or transferor, should note the following guidelines on filing and paying STT while BIR Form No. 2552 is being updated.
This regulation takes effect immediately.
SOURCE: P&A GRANT THORNTON
Certified Public Accountants
Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.
As published in SunStar Cebu dated 13 March 2018.