1. Revenue Memorandum Order No. 15-03 prescribes the process for obtaining a Certificate Authorizing Registration (CAR) to transfer shares of stock not traded in the stock exchange.
2. Section 11 of Revenue Regulations No. 06-08 requires filing the receipts of payment of capital gains tax with and recording by the secretary of the corporation when transferring shares.
3. Both obtaining a CAR under RMO No. 15-03 and complying with Section 11 of RR No. 06-08 are necessary to properly transfer ownership of shares of stock not traded in the stock exchange.
1. Revenue Memorandum Order No. 15-03 prescribes the process for obtaining a Certificate Authorizing Registration (CAR) to transfer shares of stock not traded in the stock exchange.
2. Section 11 of Revenue Regulations No. 06-08 requires filing the receipts of payment of capital gains tax with and recording by the secretary of the corporation when transferring shares.
3. Both obtaining a CAR under RMO No. 15-03 and complying with Section 11 of RR No. 06-08 are necessary to properly transfer ownership of shares of stock not traded in the stock exchange.
1. Revenue Memorandum Order No. 15-03 prescribes the process for obtaining a Certificate Authorizing Registration (CAR) to transfer shares of stock not traded in the stock exchange.
2. Section 11 of Revenue Regulations No. 06-08 requires filing the receipts of payment of capital gains tax with and recording by the secretary of the corporation when transferring shares.
3. Both obtaining a CAR under RMO No. 15-03 and complying with Section 11 of RR No. 06-08 are necessary to properly transfer ownership of shares of stock not traded in the stock exchange.
1. Revenue Memorandum Order No. 15-03 prescribes the process for obtaining a Certificate Authorizing Registration (CAR) to transfer shares of stock not traded in the stock exchange.
2. Section 11 of Revenue Regulations No. 06-08 requires filing the receipts of payment of capital gains tax with and recording by the secretary of the corporation when transferring shares.
3. Both obtaining a CAR under RMO No. 15-03 and complying with Section 11 of RR No. 06-08 are necessary to properly transfer ownership of shares of stock not traded in the stock exchange.
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RMC 37-2012 (Vi) transfer of shares in the books of the corporation.
The provision August 3, 2012| Department of Finance - BIR. | Capital Gains Tax reads: SUBJECT: Clarifying Section 11 of Revenue Regulations No. 06-08 TO: All Revenue Officials, Employees, and Others Concerned SEC.11. EFFECT OF NON-PAYMENT OF TAX. — No sale, exchange, SUMMARY: RMC 37-2012 issued on August 6, 2012 clarifies Section 11 transfer or similar transaction intended to convey ownership of, or title to of Revenue Regulations (RR) No. 06-08 or the “Consolidated Regulations any share of stock shall be registered in the books of the corporation unless the receipts of payment of the tax herein imposed is filed with and Prescribing the Rules on the Taxation of Sale, Barter, Exchange or Other recorded by the stock transfer agent or secretary of the corporation. It Disposition of Shares of Stock held as Capital Assets.” shall be the duty of the aforesaid persons to inform the Bureau of Internal To transfer ownership of shares of stock not traded in the Stock Exchange, Revenue in case of non-payment of tax. Any stock transfer agent or it is necessary to secure a Certificate Authorizing Registration (CAR) secretary of the corporation or the stockbroker, who caused the registration pursuant to the process laid down in Revenue Memorandum Order No. 15- of transfer of ownership or title on any share of stock in violation of the 03. The receipts of the payment of the tax should also be filed with and aforementioned requirements shall be punished in accordance with the recorded by the Secretary of the Corporation pursuant to Section 11 of RR provisions of Title X, Chapters I and II of the Tax Code, as amended. No. 06-08. All other issuance inconsistent with the provisions of this Circular are ISSUE: repealed or modified accordingly. (taken from the digest of BIR) DOCTRINE: In order to transfer shares of stock not traded in the 1. Whether a CAR is still needed before shares of stock not traded in Stock Exchange, it is necessary to secure a CAR. The receipts of the Stock Exchange may be transferred – YES payment of tax should be filed with and recorded by the Secretary of the Corporation. CLARIFICATION (RATIO):
SUMMARY: 1. In order to transfer ownership of shares of stock not traded in the
stock exchange, it is necessary to secure a CAR pursuant to the 1. Revenue Memorandum Order (RMO) No. 15-03 dated May 8, 2003 process laid down in RMO No. 15-03. The receipts of the payment prescribes the policies, guidelines, and procedures including the of the tax should also be filed with and recorded by the secretary of documentary requirements, in the issuance of Certificates the corporation pursuant to Sec. 11of RR No. 06-08. 2. RMO No. 15-03 prescribes the guidelines to get a CAR for stocks Authorizing Registration (CARs) for transactions subject to capital not traded in the stock market while Sec. 11, RR No. 06-08 only gains tax on the sale, barter, transfer or assignment of shares of stock requires filing and recording of the receipts of payment with the not traded in the Stock Exchange may be transferred in the books of secretary of the corporation. To reconcile these, to transfer a corporation. ownership of shares of stock not traded in the Stock Exchange, do 2. On the other hand, Section 11 of RR No. 06-08 only mentions the both. You have to follow the procedure to get a CAR and register with the Secretary of the Corporation. filing with and recording by the stock transfer agent or secretary of the corporation of the receipts of payment of the tax in effecting the
REVENUE MEMORANDUM ORDER NO. 1-2024 (Further Amending RMO No. 6-2023 Prescribing the Updated and Consolidated Policies, Guidelines and Procedures for BIR Audit Program, Revenue Memorandum Order No. 1-2024, [November 8, 2023])
