Republic Act No. 9648

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled::

Section 1

Section 199

of the National Internal Revenue Code of 1997, as amended by Republic Act No. 9243, is hereby further amended to read as follows:

"SEC. 199. Documents and Papers Not Subject to Stamp Tax. - The provisions of Section 173 to the contrary notwithstanding, the following instruments, documents and papers shall be exempt from the documentary stamp tax:

"x x x

"(e) Sale, barter or exchange of shares of stock listed and traded through the local stock exchange."

Section 2. Implementing Rules and Regulations

The Secretary of Finance shall promulgate and publish the necessary rules and regulations for the effective enforcement of this Act.

Section 3. Separability Clause

If any provision of this Act is held unconstitutional or invalid, all other provisions not affected thereby shall remain valid.

Section 4. Repealing Clause

All laws, decrees, executive orders, rules and regulations or parts thereof, which are inconsistent with this Act, are hereby repealed, amended or modified accordingly.

Section 5. Effectivity

This Act shall take effect on March 20, 2009 or immediately upon the expiration of the five (5)-year exemption from the documentary stamp tax on the sale, barter or exchange of shares of stock listed and traded through the local stock exchange pursuant to Republic Act No. 9243.

Approved,

(Sgd.) JUAN PONCE ENRILE President of the Senate	(Sgd.) PROSPERO C. NOGRALES Speaker of the House of Representatives

This Act which is a consolidation of House Bill No. 4900 and Senate Bill No. 3203 was finally passed by the House of Representatives and the Senate on May 26, 2009 and May 25, 2009, respectively.

(Sgd.) EMMA LIRIO-REYES Secretary of Senate	(Sgd.) MARILYN B. BARUA-YAP Secretary General House of Represenatives

Approved: JUN 30 2009

(Sgd.) GLORIA MACAPAGAL-ARROYO President of the Philippines