REVENUE MEMORANDUM CIRCULAR NO. 37-2012 issued on August 6, 2012 clarifies Section 11 of Revenue Regulations (RR) No. 06-08 or the “Consolidated Regulations Prescribing the Rules on the Taxation of Sale, Barter, Exchange or Other Disposition of Shares of Stock Held as Capital Assets.”
           To transfer ownership of shares of stock not traded in the Stock Exchange, it is necessary to secure a Certificate Authorizing Registration pursuant to the process laid down in Revenue Memorandum Order No. 15-03. The receipts of the payment of the tax should also be filed with and recorded by the Secretary of the Corporation pursuant to Section 11 of RR No. 06-08.
           All other issuance inconsistent with the provisions of this Circular are repealed or modified accordingly.