AMENDMENT TO SECTION 203 OF REGULATIONS NO. 26, AS AMENDED, OTHERWISE KNOWS AS THE “DOCUMENTARY STAMP TAX REGULATION”

SECTION 1.       Section 203 of Regulations No. 26, as
amended by Regulations No. 77 and Rev. Reg. No. 3-75, is hereby further
amended to read as follows:

“SECTION 203.        Manner of payment of documentary stamp tax. — The payment of the documentary stamp tax imposed in Title VII of the National Internal Revenue Code,
AS AMENDED, shall be made by the purchase and affixture of documentary
stamps of the proper value to the document or instrument sought to be
taxed or to any other paper which the law indicates as the proper
recipient of the stamp: Provided, That in cases of warehouse receipts,
certificates of stocks, passage tickets, and other documents having
stubs or duplicates kept by the persons issuing them, the documentary
stamps shall be adhered to the stubs or to the duplicates thereof;
PROVIDED, FURTHER, THAT IN MERITORIOUS CASES INVOLVING ISSUANCE OF
NUMEROUS CERTIFICATES OF STOCK AT ONE TIME, THE COMMISSIONER OF INTERNAL
REVENUE MAY, IN HIS DISCRETION, AUTHORIZE ADHERENCE OF STAMPS TO THE
STOCK CERTIFICATE REGISTER; THAT WITH RESPECT TO CHECKS DRAWN AGAINST
CURRENT ACCOUNT, MANAGER’S/CASHIER’S/TREASURER’S CHECKS OR INSURANCE
POLICIES, THE DOCUMENTARY STAMPS SHALL BE ADHERED TO THE
REQUISITION/PURCHASE SLIP, REGISTER COPY OR PREMIUM REGISTER: THAT with
respect to Bank’s THE DOCUMENTARY STAMPS MAY BE AFFIXED IN THE PROOF
SHEETS OF EACH DEPARTMENT: and that a note properly initialed by a
responsible person on the face of such documents shall be made as
follows: “Documentary stamps to the value of P________ have been affixed
to the stub, [or to] the duplicate, THE REQUISITION/PURCHASE SLIP, THE
REGISTER COPY, STOCK CERTIFICATE REGISTER, PREMIUM REGISTER, or Proof
Sheet, as the case may be: “Provided, further, That where the use of the
Pitney-Bowes Postage Meter and Machine, or the like for the manufacture
and printing of documentary stamps on documents or instruments subject
to tax is permitted by the COMMISSIONER of Internal Revenue, the payment
of the tax due shall be accomplished by the filing of proper
requisition for stamps intended to be manufactured and printed with the
COMMISSIONER of Internal Revenue and by the payment of the value of the
stamps so requisitioned.”

SECTION 2.       These Regulations shall take effect immediately.

Adopted: 12 Aug. 1988

(SGD.) VICENTE R. JAYME
Secretary of Finance