According
to the present scale, the stamp
tax on drafts must be paid at the rate of
five centimes (P0.05) on each one hundred pesos
of the face of the
draft. All drafts remitted must be stamped
accordingly.
Article
50. Drafts made in the name of
the State, and those drawn by the sub-office of the Treasury
Department for the public service, are exempt from the payment of
the stamp tax.
Article
51. Stamps for use on drafts will be marked with
their prices and the amount of the draft which can be drawn
by affixing the same.
Article
52. The drawer of a draft must affix
the proper stamp and cancel the same
by writing his signature and the date across the stamp. Merchants
using a private seal may use the same to cancel the stamp
instead of writing their signature. When the drawer of
a draft neglects to cancel the stamp in the manner above
indicated, the drawee or any endorser may cancel the
stamp with his signature, adding the date of
the cancellation. By this means he will avoid
all responsibility, which will fall upon
the drawer and former endorsers.
Article
53. Drafts drawn abroad should
be stamped by the first endorser in the Kingdom, or
the person presenting the same for collection. The same rule
applies to drafts drawn in town where this law
is not at present in force, when they are
made payable or circulate in other parts
of the Kingdom,
Article
54. In none of the documents
mentioned can a greater amount be expressed
than that corresponding to the stamp
affixed. [78] |
A decree of the Central
Administration of Revenues and Properties dated November
17, 1887, announced "that the new classes of stamps and
stamped paper created by the Decree of May 16,
1,886, would be in use from January 1, 1888;
decreed that all stamped paper then in circulation would
be invalid after January l, 1888; and
provided that all obsolete stamped paper might be exchanged
for new stamped paper until January 31, 1888. [79]
The stamp tax on DOCUMENTOS
DE GIRO in effect prior to the Decree of May 16, 1866, was
approximately P0.75 per thousand pesos. By the Decree of May
16, 1886, this was reduced to approximately P0.50 per thousand
pesos. Unfortunately, however, a sufficient number of
denominations was not issued to provide a
uniform rate of taxation on all drafts, especially on
those exceeding P10,000.00 A draft for P10,000.00 required
a 5-peso stamp. A draft for any amount
between P10,000,05 and 20,000 required a 10-pesos stamp.
And a draft for any amount between P20,000.05 and
100.000 required a 50-pesos stamp. Furthermore, the tax-rate
of P0.50 per thousand was lower than the
stamp-tax of P0.75 per thousand pesos which was in
force in the Peninsula of Spain at
that time. Hence, it was necessary upon their arrival
in Spain to affix additional Giro stamps to all drafts originating
form the Philippines. This inconvenience resulted in the Royal
Decree of May 29, 1894, which restored the Giro stamp-tax
rate to P0.75 per thousand pesos and, in addition, increased
the number of denominations of Giro stamps from 10 to
21, thereby making possible a more nearly uniform rate of
taxation on all drafts, irrespective of the amount of the draft.
The Decree of May 29, 1894, was transmitted to
the Philippines by the Royal Order of June 9, 1894,
which was as follows:
Ministry
of Colonies. - No. 785. - Most Excellent
Sir. - The Gaceta de Madrid of May 31st,
last, published this Royal Decree of the 29th of the
same month dictating regulations in order to establish
in the Colonies the stamp tax of the Peninsula
on drafts ( documentos de giro) in accordance with that
prescribed in the Royal Decree of the 15th
of September of 1892, to the end that
those (regulations) may be applied in that and
in the other provinces, from the 1st of July next, with
the modifications which the monetary unit and the Rules which are
established require. In his acting power,
His Majesty, the King (Whom God protect)
and in his name the Queen Regent of the Realm,
has deigned to order that three copies of the Gaceta
be remitted to Your Excellency, as I verify,
for your information and compliance, it being ordered
also that in the shortest period possible Your Excellency remit
to the Ministry the requisition for stamps which you
estimate necessary of each one of the classes
of the scale which Article 3 of
the mentioned Royal Decree contains. - By Royal Order,
I communicate it to Your Excellency for
the mentioned purposes, - God protect you many years. Madrid,
June 6, 1894. BECERA. - Sir Governor General of the Philippines.
Manila, July 21, 1894. Let it be
complied with and let it proceed to the General
Superintendency of Finance for the corresponding purposes.
- BLANCO. [80] |
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