This case has been cited 2 times or more.
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2011-03-16 |
LEONARDO-DE CASTRO, J. |
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| Documentary stamp tax is a tax on documents, instruments, loan agreements, and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.[36] It is in the nature of an excise tax because it is imposed upon the privilege, opportunity or facility offered at exchanges for the transaction of the business. It is an excise upon the facilities used in the transaction of the business distinct and separate from the business itself.[37] | |||||
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2010-07-28 |
LEONARDO-DE CASTRO, J. |
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| We find our discussion in the case of Commissioner of Internal Revenue v. First Express Pawnshop Company, Inc.[22] regarding these same provisions of the Tax Code to be instructive, and we quote: In Section 175 of the Tax Code, DST is imposed on the original issue of shares of stock. The DST, as an excise tax, is levied upon the privilege, the opportunity and the facility of issuing shares of stock. In Commissioner of Internal Revenue v. Construction Resources of Asia, Inc., this Court explained that the DST attaches upon acceptance of the stockholder's subscription in the corporation's capital stock regardless of actual or constructive delivery of the certificates of stock. Citing Philippine Consolidated Coconut Ind., Inc. v. Collector of Internal Revenue, the Court held: | |||||