DIGESTS
Income Tax
Individuals
Imposition of capital gain tax (CGT).
As Section 24(C) of the NIRC textually indicates, the CGT is imposed on the net capital gains realized during the taxable year from the sale, barter, exchange or other disposition of shares of stock in a domestic corporation except shares sold, or disposed of through the stock exchange. The term disposition, being neither defined nor qualified in Section 24(C), is accorded its ordinary meaning, that is, any act of disposing, transferring to the care or possession of another, or the parting with, or alienation of, or giving up of property.
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