BIR Ruling No.

232-13 dated June 20, 2013

Facts: A Co. and B Co. are both non-stock, non-profit religious corporations
organized as corporate soles. In 2010, A Co. donated a piece of land in favor of B
Co.
Issues:
1. Is the donation exempt from donors tax?
2. Is the donation subject to DST?
3. Will there be any taxes on the subsequent transfer of the donated property by B
Co.?
Ruling: 1. Yes. Under Section 101(A)(3) of the Tax Code, gifts in favor of a religious
corporation are exempt from donors tax, subject to the condition that not more
than 30% of the gifts shall be used by the donee for administrative purposes. For
donations of real property, the Register of Deeds shall annotate the condition at the
back of the Transfer Certificate of Title covering the land, because failure to do so
shall be a ground for the revocation of the donation.
2. No. Under Section 185 of the Revised DST Regulations, conveyances of realty not
in connection with a sale, to trustees or other persons without consideration are not
subject to DST. However, the deed of donation is subject to DST of Php15.00 under
Section 188 of the Tax Code.
3. Yes. If a property acquired by donation is subsequently conveyed by way of sale
or exchange, the same will be subject to corporate income tax on the gain, which is
determined by deducting from the gross selling price the historical cost, or the
adjusted basis thereof, as it would be in the hands of the donor. If the subsequent
transfer is by way of donation to a non-exempt donee, the donor shall be subject to
donors tax pursuant to Section 98 of the Tax Code
_________________________________________________________________________________
March 8, 1994
REVENUE REGULATIONS NO. 09-94
SUBJECT
:
Republic Act No. 7660, An Act Rationalizing Further the Structure
and Administration of the Documentary Stamp Tax, Amending for the Purpose
Certain Provisions of the National Internal Revenue Code, as Amended
TO

All Internal Revenue Officers and Other Concerned

SECTION 1. Scope. Pursuant to Section 4 and 245 of the National Internal

Revenue Code (NIRC), as amended, in relation to Section 23 of Republic Act No.
7660, these regulations are hereby promulgated to implement the provisions of said
Act which rationalizes further the structure and administration of the documentary
stamp tax, amending for the purpose Section 173, 174, 175, 176, 178, 179, 180,

184, 185, 186, 187, 188 189, 190, 191, 192, 193, 194, 195, 196, 197, Title VII of the
National Internal Revenue Code (NIRC).
SECTION 2. Persons Liable. Upon documents, instruments, loan agreements, and
papers and upon acceptances, assignments, sales and transfers of the obligation,
right or property incident thereto, documentary stamp taxes for and in respect of
the transaction so had or accomplished shall be paid as hereinafter prescribed by
the person making, signing, issuing, accepting, or transferring the same, wherever
the document is made, signed, issued, accepted, or transferred when the obligation
or right arises from Philippine sources or the property is situated in the Philippines,
and at the same time such act is done or transaction had: Provided, That whenever
one party to the taxable document enjoys exemption from the tax herein imposed,
the other party who is not exempt shall be the directly liable for the tax.
SECTION 3. Definition of Terms. For purposes of these Regulations, the following
terms shall mean: cd i
(a)

"Act" refers to Republic Act No. 7660.

(b)
"Loan agreement" refers to a contract in writing where one of the parties
delivers to another money or other consumable thing, upon the condition that the
same amount of the same kind and quality shall be paid. The term shall include
credit facilities, which may be evidenced by credit memo, advice or drawings.
The terms " Loan Agreement" under Section 180 and " Mortgage" under Section
195, both of the Tax Code, as amended, generally refer to distinct and separate
instruments. A loan agreement shall be taxed under Section 180, while a deed of
mortgage shall be taxed under Section 195.
(c)
"Securities" include bonds, debentures, notes, evidence of indebtedness,
share in a company, pre-organization certificates or subscriptions, investment,
contracts, certificates of interest or participation in a profit sharing agreement,
collateral trust certificates, equipment trust certificates (including conditional sale
contracts or similar interests or instruments serving the same purposes) voting trust
certificates, certificates of deposit for a security or fractional undivided interest in
oil, gas or other mineral rights or in general, interests or instruments commonly
considered to be "securities," or certificates of interests or participation in,
temporary or interim certificates for, receipts for, guarantees of or warrants or
rights to subscribe to or buy or sell any of the foregoing; or commercial papers
evidencing indebtedness of any person, financial or non-financial entity, irrespective
of maturity issued, endorsed, sold, transferred or in any manner conveyed to
another, with or without recourse, such as promissory notes, repurchase
agreements, certificates of assignments, certificates of participation, trust
certificate or similar instruments; or proprietary or non-proprietary membership
certificates, commodity future contracts, transferable stock options, pre-need plans,
pension plans, life plans, joint venture contracts, and similar contracts and
investments where there is no tangible return on investments plus profits but an
appreciation of capital as well as enjoyment of particular privileges and services.
(Revised Securities Act.)

(d)
"When the obligation or right arises from Philippines sources" means the
obligation, i.e., the juridical necessity to give, to do or not to do, or the right arises
from sources within the Philippines.
(e)
"The property is situated in the Philippines" means the property real or
personal, is located in the Philippines.
(f)
"Promissory note" refers to an instrument, whether negotiable or nonnegotiable, whereby the maker agrees (promises) to pay a sum certain in money or
its equivalent at a definite time.
(g)
"Lotto" refers to a numbers game authorized by law which includes, but is
not limited to, lottery, drawing, sweepstakes or sweep draft lottery, raffle, pick six,
pick four, tombola, number lottery, numbers pool, numbers game or policy, Chinese
lottery, interest lottery, Dutch or class lottery, tontine, grab bag or barrel or box.
(h)

"Beginning 1996" means beginning January 1, 1996.

(i)
" At the same time such act is done or transaction had" means on the
same date the document was executed, i.e., made, signed, issued, accepted or
transferred.
(j)
"Government instruments or securities" refer to bonds, debentures, notes,
certificates, or other evidence of indebtedness issued by the government or by any
of its political subdivisions.
SECTION 4. Time and Manner of Payment of Documentary Stamp Tax. The
documentary stamp tax shall be paid by the purchase and affixture of the
documentary stamp(s) to the document or instrument taxed or to such other papers
as may be indicated by law or regulations as the proper recipients of the stamp and
by the subsequent cancellation of the documentary stamp which may be done by
writing, stamping or perforating the date of the cancellation across the face of each
stamp in such a manner that part of the writing, impression, or perforation shall be
on the stamp itself and partly on the document to which the stamp is attached.
If, however, the amount of the documentary stamp tax due on the taxable
document is ten pesos (P10.00) or more, the documentary stamp tax shall be paid
by the taxpayer at the time the act is done or transaction had, and instead of
affixing actual documentary stamp on the face of the taxable document, the
information shown on the evidence of payment of the documentary stamp tax due
on the document, that is, the official receipt number of the evidence of payment,
date of payment, amount paid, and the name of the payor, shall be written on the
face of the document or on any suitable space in the document.
SECTION 5. Stamp Tax on Issuance of Certificates of Stock. A documentary
stamp tax shall be imposed only on fully paid shares of stocks at two pesos (P2.00)
on each two hundred pesos, or fractional part thereof, of the par value of the
certificate of stock. In the case of original issuance of stock without par value, the
tax base shall be the actual consideration received by the association, company, or

corporation of the issuance of such stock, and in the case of stock dividends on the
actual value represented by each share.
The documentary stamp tax is imposed on the privilege of issuing shares of stock; it
accrues at the time the shares are issued. Therefore, the delivery of the certificates
of stock to stockholders is not essential for the documentary stamp tax to attach.
SECTION 6. Stamp Tax on all Loan Agreements. All loan agreements, whether
made or signed in the Philippines, or abroad when the obligation or right arises from
Philippine sources or the property or object of the contract is located or used in the
Philippines shall be subject to the documentary stamp tax of thirty centavos (P0.30)
on each two hundred pesos, or fractional part thereof, of the face value of any such
agreements, pursuant to Section 180 in relation to Section 173 of the Tax Code.
In cases where no formal loan agreements or promissory notes have been executed
to cover credit facilities, the documentary stamp tax shall be based on the amount
of drawings or availment of the facilities, which may be evidenced by credit/debit
memo, advice or drawings by any form of check or withdrawal slip, under Section
180 of the Tax Code, as amended. aisa dc
SECTION 7. Loan Secured by a Promissory Note. In cases where a loan
agreement and a promissory note are simultaneously issued and executed, the loan
having been secured by the promissory note, only one documentary stamp tax shall
be imposed on either loan agreement or promissory note, whichever will yield a
higher tax.
SECTION 8. Loan Agreements/Promissory Notes Secured by a Pledged/Mortgage.
Where only one instrument was prepared, made, signed and executed to cover a
loan agreement/promissory note, pledge/mortgage, the documentary stamp tax
prescribed in Section 195 of the Tax Code, as amended, shall be paid and computed
on the full amount of the loan or credit granted. In this regard, the instrument shall
be treated as covering only one taxable transaction, subject to the higher
documentary stamp tax.
SECTION 9. Purchase on Installment Basis. Loan agreements or promissory notes
the aggregate of which does not exceed two hundred fifty thousand (P250,000.00)
pesos executed by an individual for his purchase, on installment, of a house, lot,
motor vehicle, appliance or furniture, for his personal use or that of his family and
not for business, resale, barter or hire, shall be exempt from the payment of the
documentary stamp tax imposed under Section 180 of the Tax Code, as amended.
For this purpose, where several promissory notes have been executed to secure a
loan agreement or where such promissory notes pertain to the same object, the
value shall be aggregated and the promissory notes shall be taken as one.
Where the purchase on installment exceeds two hundred fifty thousand pesos, the
whole purchase price shall be subject to the documentary stamp tax prescribed
under Section 180 of the Tax Code, as amended.

SECTION 10. Government Instruments and Securities. Instruments and securities

issued by the government or any of its instrumentalities are subject to the
documentary stamp tax of thirty centavos (P0.30) on each two hundred pesos, or
fractional part thereof, of the face value of any such securities of instruments.
SECTION 11. Rates of Documentary Stamp Taxes under Sections 114, 175, 176,
178, 179, 180, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194, 195, 196,
and 197, Title VII of the National Internal Revenue Code, as amended by Republic
Act No. 7660.
Sec. 174.
Stamp tax on bonds, debentures, and certificates of indebtedness.
On all bonds, debentures, and certificates of indebtedness issued by any
association, company, or corporation, there shall be collected a documentary stamp
tax of one peso and fifty centavos (P1.50) on each two hundred pesos, or fractional
part thereof, of the face value of such documents. cd i
Sec. 175.
Stamp tax on original issue of certificates of stock. On every original
issue, whether on organization, reorganization or for any lawful purpose, of
certificates of stock by any association, company, or corporations, there shall be
collected a documentary stamp tax of Two Pesos (P2.00) on each two hundred
pesos, or fractional part thereof, of the par value of such certificates: Provided, That
in the case of the original issue of stock without par value the amount of the
documentary stamp tax herein prescribed shall be based upon the actual
consideration received by the association, company, or corporation for the issuance
of such stock, and in the case of stock dividends on the actual value represented by
each share.
Sec. 176.
Stamp tax on sales, agreements to sell, memoranda of sales, deliveries
or transfer of due-bills, certificates of obligation, or shares of certificates of stock.
On all sales of agreements to sell, or memoranda of sales, or deliveries, or transfer
of due-bills, certificates of obligation, or shares or certificates of stock in any
association, company, or corporation, or transfer of such securities by assignment in
blank, or by delivery, or by any paper or agreement, or memorandum or holder in
any manner to the benefit of such due-bills, certificates of obligation or stock, or to
secure the future payment of money, or for the future transfer of any due-bill,
certificates of obligation or stock, there shall be collected a documentary stamp tax
of One peso (P1.00) on each two hundred pesos, or fractional part thereof, of the
par value of such due-bill, certificates of obligation or stock: Provided, That only one
tax shall be collected on each sale or transfer of stock or securities from one person
to another, regardless of whether or not a certificate of stock or obligation is issued,
endorsed, or delivered in pursuance of such sale or transfer: and Provided, further,
That in the case of stock without par value the amount of the documentary stamp
herein prescribed shall be equivalent to twenty-five per centum of the documentary
stamp tax paid upon the original issue of said stock: Provided, furthermore, That the
tax herein imposed shall be increased to One peso and fifty centavos (P1.50)
beginning 1996.
Sec. 178.
Stamp tax on certificates of profits of interest in property or
accumulations. On all certificates of profits, or any certificate or memorandum

showing interest in the property or accumulations of any association, company or

corporation, and on all transfers of such certificates or memoranda, there shall be
collected a documentary stamp tax of fifty centavos (P0.50) on each two hundred
pesos, or fractional part thereof, of the face value of such certificate or
memorandum. aisa dc
Sec. 179.
Stamp tax on bank checks, drafts, certificates of deposit not bearing
interest, and other instruments. On each bank check, draft, or certificate of
deposit not drawing interest, or order for the payment of any sum of money drawn
upon or issued by any bank, trust company, or any person or persons, companies or
corporations, at sight or on demand, there shall be collected a documentary stamp
tax of One peso and twenty-five centavos (P1.25.): Provided, That the law herein
imposed shall be increased to One peso and fifty centavos (P1.50) beginning 1996.
Sec. 180.
Stamp tax on all loan agreements, promissory notes, bills of exchange,
drafts, instruments and securities issued by the government or any of its
instrumentalities, certificates of deposit bearing interest and others not payable on
sight or demand. On all loan agreements signed abroad wherein the object of the
contract is located or used in the Philippines; bills of exchange (between points
within the Philippines), drafts, instruments and securities issued by the Government
or any of its instrumentalities or certificates of deposits drawing interest, or others
for the payment of any sum of money otherwise than at sight or on demand, or on
all promissory notes, whether negotiable or non-negotiable, except bank notes
issued for circulation, and on each renewal of any such note, there shall be collected
a documentary stamp tax of thirty centavos (P0.30) on each two hundred pesos, or
fractional part thereof, of the face value of any such agreement, bill of exchange,
draft, certificate of deposit, or note: Provided, That only one documentary stamp tax
shall be imposed on either loan agreement, or promissory notes issued to secure
such loan, whichever will yield a higher tax: Provided, however, That loan
agreements or promissory notes the aggregate of which does not exceed Two
hundred fifty thousand pesos (P250,000) executed by an individual for his purchase
on installment for his personal use or that of his family and not for business, resale,
barter or hire of a house, lot, motor vehicle, appliance or furniture shall be exempt
from the payment of the documentary stamp tax provided under this Section.
Sec. 184.
Stamp tax on policies of insurance upon property. - On all policies of
insurance or other instruments by whatever name the same may be called, by
which insurance shall be made or renewed upon property of any description,
including rents or profits, against peril by sea or on inland waters, or by fire or
lightning, there shall be collected a documentary stamp tax of Fifty centavos (P0.50)
on each four pesos, or fractional part thereof, of the amount of premium charged:
Provided, however, That no documentary stamp tax shall be collected on
reinsurance contracts or on any instrument by which cession or acceptance of
insurance risks under any reinsurance agreement is effected or recorded.
Sec. 185.
Stamp tax on fidelity bonds and other insurance policies. On all
policies of insurance or bonds or obligations of the nature of indemnity for loss,
damage, or liability made or renewed by any person, association, company or

corporation transacting the business of accident, fidelity, employer's liability, plate,

glass, steam boiler, burglar, elevator, automatic sprinkler, or other branch of
insurance (except life, marine, inland, and fire insurance), and all bonds
undertakings, or any recognizances , conditioned for the performance of the duties
of the office or position, for the doing or not doing of anything therein specified, and
on all obligations guaranteeing the validity or legality of any bonds or other
obligations issued by any province, city, municipality, or other public body or
organization, and on all obligations guaranteeing the title to any real estate, or
guaranteeing any mercantile credits, which may be made or renewed by any such
person, company or corporation, there shall be collected a documentary stamp tax
of Fifty centavos on each four pesos, or fractional part thereof of the premium
charged.
Sec. 186.
Stamp tax on policies of annuities and pre-need plans. On all policies
of annuities, or other instruments by whatever name the same may be called,
whereby an annuity may be made, transferred, or redeemed, there shall be
collected a documentary stamp tax of one peso and fifty centavos (P1.50) on each
two hundred pesos or fractional part thereof, of the capital of the annuity, or should
this be unknown, then on each two hundred pesos, or fractional part thereof, of
thirty-three and one-third times the annual income: On pre-need plans, the
documentary stamp tax shall be at Fifty centavos (P0.50) on each Five hundred
pesos (P500.00), or fractional part thereof, of the value or amount of the plan.
Sec. 187.
Stamp tax on indemnity bonds. On all bonds for indemnifying any
person, firm or corporation who shall become bound or engaged as surety for the
payment of any sum of money or for the due execution or performance of the duties
of any office or position or to account for money received by virtue thereof, and on
all other bonds of any description, except such as may be required in legal
proceedings, or are otherwise provided for herein, there shall be collected a
documentary stamp tax of Ten centavos (P0.10) on each four pesos or fractional
part thereof of the premium charged: Provided, That the tax herein imposed shall be
increased to Thirty centavos (P0.30) or each four pesos or fractional part thereof of
the premium charged beginning 1996. cdasia
Sec. 188.
Stamp tax on certificates. On each certificate of damage or
otherwise, and on every other certificate or document issued by any customs
officer, marine surveyor, or other person acting as such, and on each certificate
issued by a notary public, and on each certificate of any description required by law
or by rules or regulations of a public office, or which is issued for the purposes of
giving information, or establishing proof of a fact, and not otherwise specified
herein; there shall be collected a documentary stamp tax of Ten pesos (P10.00):
Provided, That the tax herein imposed shall be increased to Fifteen pesos (P15.00)
beginning 1996.
Sec. 189.
Stamp tax on warehouse receipts. On each warehouse receipt for
property held in storage in a public or private warehouse or yard for any other
person other than the proprietor of such warehouse or yard, there shall be collected
a documentary stamp tax of Ten pesos (P10.00): Provided, That no tax shall be

collected on each warehouse receipt issued to any one person in any one calendar
month covering property the value of which does not exceed two hundred pesos:
Provided, further, That the tax herein imposed shall be increased to Fifteen pesos
(P15.00) beginning 1996.
Sec. 190.
Stamp tax on jai-alai, house race tickets, lotto, or other authorized
number games. On each jai-alai, horse race tickets, lotto, or other authorized
numbers games, there shall be collected a documentary stamp tax of ten centavos
(P0.10): Provided, That if the cost of the ticket exceeds One peso (P1.00), an
additional tax of Ten centavos (P0.10) on every One peso (P1.00) or fractional part
thereof shall be collected.
Sec. 191.
Stamp tax on bills of lading or receipts. On each set of bills of lading
or receipts (except charter party) for any goods, merchandise, or effects shipped
from one port or place in the Philippines to another port or place in the Philippines
(except in ferries across rivers), or to any foreign port, there shall be collected a
documentary stamp tax of One peso (P1.00), if the value of such goods exceed One
hundred pesos (P100.00), and does not exceed One thousand pesos (P1,000): ten
pesos (P10.00) if the value exceeds One thousand pesos (P1,000): Provided,
however, That freight tickets covering goods, merchandise or effects carried as
accompanied baggage of passengers on land and water carriers primarily engaged
in the transportation of passengers are hereby exempt.
Sec. 192.
Stamp tax on proxies. On each proxy for voting at any election for
officers of any company or association, or for any other purpose, except proxies
issued affecting the affairs of associations or corporations organized for religions,
charitable, or literary purposes, there shall be collected a documentary stamp tax of
Ten pesos (P10.00): Provided, That the tax herein imposed shall be increased to
Fifteen pesos (P15.00) beginning 1996. cdt
Sec. 193.
Stamp tax on powers of attorney. On each power of attorney to
perform any act whatsoever, except acts connected with the collection of claims
due from or accruing to the Government of the Republic of the Philippines, or the
government of any province, city or municipality, there shall collected a
documentary stamp tax of Five pesos (P5.00).
Sec. 194.
Stamp tax on leases and other hiring agreements. On each lease,
agreement, memorandum, or contract for hire, use or rent of any lands or
tenements, or portions thereof, there shall be collected a documentary stamp of
Three pesos (P3.00) for the first Two thousand pesos (P2,000.00), or fractional part
thereof, and an additional One peso (P1.00) for every One thousand pesos
(P1,000.00) or fractional part thereof in excess of the first two thousand pesos
(P2,000.00) for each year of the term of said contracts or agreement.
Sec. 195.
Stamp tax on mortgages, pledges, and deeds of trust. On every
mortgage or pledge of lands, estate, or property, real or personal, heritable or
movable, whatsoever, where the same shall be made as a security for the payment
of any definite and certain sum of money lent at the time or previously due and
owing or forborne to be paid being payable, and on any conveyance of land, estate,

or property whatsoever, in trust or to be sold, or otherwise converted into money

which shall be and intended only as security , either by express stipulation or
otherwise, there shall be collected a documentary stamp tax at the following rates:
(a)
When the amount secured does not exceed Five thousand pesos, Twenty
pesos (P20.00);
(b)
On each Five thousand pesos, or fractional part thereof in excess of Five
thousand pesos, an additional tax of Ten pesos (P10.00).
On any mortgage, pledge, or deed of trust, where the same shall be made as a
security for the payment of a fluctuating account or future advances without fixed
limit, the documentary stamp tax on such mortgage, pledge or deed of trust shall
be computed on the amount actually loaned or given at the time of the execution of
the mortgage, pledge or deed of trust. However, if subsequent advances are made
on such mortgage, pledge, or deed of trust, additional documentary stamp tax shall
be paid which shall be computed on the basis of the amount advanced or loaned at
the rates specified above: Provided, however, That if the full amount of the loan or
credit, granted under the mortgage, pledge or deed of trust is specified in such
mortgage, pledge or deed of trust is specified in such mortgage, pledge or deed of
trust, the documentary stamp tax prescribed in this section shall be paid and
computed on the full amount of the loan or credit granted."
Sec. 196. Stamp tax on deeds of sale and conveyance of real property.
On all conveyance, deeds, instruments, or writings, other than grants,
patents, or original certificates of adjudication issued by the Government,
whereby any lands tenements or other realty sold shall be granted,
assigned, transferred, or otherwise conveyed to the purchaser, or
purchasers, or to any other person or persons designated by such
purchaser or purchasers, there shall be collected a documentary stamp
tax at the following rates:
(a)
When the consideration, or value received or contracted to be paid
for such realty, after making proper allowance of any encumbrance, does
not exceed one thousand pesos, Fifteen pesos (P15.00).
(b)
For each additional one thousand pesos, or fractional part thereof in
excess of one thousand pesos of such consideration or value, Fifteen
pesos (P15.00).
When it appears that the amount of the documentary stamp tax payable
hereunder has been reduced by an incorrect statement, of the
consideration in any conveyance, deed, instrument, or writing subject to
such tax the Commissioner, provincial or city treasurer, or other revenue
officer shall from the assessment rolls or other reliable source of
information, assess the property of its true market value and collect the
proper tax thereon.
Sec. 197.
Stamp tax on charter parties and similar instruments. On every
charter party, contract, or agreement for the charter of any ship, vessel, or steamer,

or any letter or memorandum or other writing between the captain, master, owner,
or other person acting as agent of any ship, vessel, or steamer and any other
person or persons for or relating to the charter of any such ship, vessel, or steamer,
and on any renewal or transfer of such charter, contract, agreement, letter or
memorandum, there shall be collected a documentary stamp tax at the following
rates: aisa dc
(a)
If the registered gross tonnage of the ship, vessel, or steamer does not
exceed one thousand tons, and the duration of the charter or contract does not
exceed six months, Five hundred pesos (P500.00); and for each month or fraction of
a month in excess of six months, an additional tax of Fifty pesos (P50.00) shall be
paid.
(b)
If the registered gross tonnage exceeds one thousand tons and does not
exceed ten thousand tons, and the duration of the charter or contract does not
exceed six months, One thousand pesos (P1,000); and for each month or fraction of
a month in excess of six months, an additional tax of One hundred pesos (P100.00)
shall be paid.
(c)
If the registered gross tonnage exceeds ten thousand tons and the duration
of the charter or contract does not exceed six months; One thousand five hundred
pesos (P1,500); and for each month or fraction of a month in excess of six months,
an additional tax of One hundred fifty pesos (P150.00) shall paid.
SECTION 12. Penalty Clause. (a) In case of late payment of the documentary
stamp tax due, there shall be imposed a surcharge equivalent to twenty-five
percent (25%) of the basic tax due. In case of failure to pay the basic tax and
twenty-five percent (25%) surcharge within the time prescribed in the notice and
demand, there shall be further assessed and collected a twenty percent (20%)
interest per annum, computed on the basis of the aforesaid basic tax and
surcharge.
(b)
Any other violation of the provisions of these regulations shall be punishable
under the pertinent provisions of Title X, Chapter II of the Tax Code, as amended.
SECTION 13. Repealing Clause. All existing rules and regulations or parts thereof
which are inconsistent with the provisions of these regulations are hereby revoked
or modified. casia
SECTION 14. Effectivity. These regulations shall apply to all transactions made or
to documents/instruments executed or issued as of January 14, 1994, the date when
Republic Act No. 7660 took effect.
ROBERTO F. DE OCAMPO