PHILIPPINE LAWS, STATUTES, CODES & ISSUANCES
PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
REPUBLIC ACTS
REPUBLIC ACT NO. 716 - AN ACT
AMENDING SECTION TWO HUNDRED FIFTY-FIVE OF COMMONWEALTH ACT NUMBERED
FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL
REVENUE CODE, AS AMENDED |
Section 1.
Section two hundred fifty-five of Commonwealth Act Numbered Four
hundred and sixty-six, as amended, is hereby further amended to read as
follows: "Sec. 225.
Taxes on insurance premiums. � There shall be collected from every
person, company, or corporation (except purely cooperative companies or
associations) doing insurance business of any sort in the Philippines a
tax of one per centum of the total premiums collected during the first
five years of his or its organization or establishment or during its
period of rehabilitation under and in accordance with Executive Order
Numbered One hundred seven, dated April twenty, nineteen hundred
forty-six, irrespective of the place thereof; two per centum, during
the next succeeding five years, and three per centum, thereafter,
whether such premiums are paid in money, notes, credits, or any
substitute for money but premiums refunded within six months after
payment on account of rejection of risk or returned for other reason to
person insured shall not be included in the taxable receipts; nor shall
any tax be paid upon reinsurance by a company that has already paid the
tax; nor upon premiums collected or received by any branch of a
domestic corporation, firm or association doing business outside the
Philippines on account of any life insurance of the insured who is a
non-resident, if any percentage tax on such premiums is imposed by the
foreign country where the branch is established.
"Cooperative companies or associations" are such as are conducted by the members thereof with the money collected from among themselves and solely for their own protection and not for profit." Sec. 2. This Act shall take effect upon its approval. Approved: June 6, 1952 |
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