S. No. 3502 H. No. 6017; 106 OG No. 43, 6110 (October 25, 2010); Manila Times, March 17, 2010
"SEC. 123. Tax on Life Insurance Premiums. — There shall be collected from every person, company or corporation (except purely cooperative companies or associations) doing life insurance business of any sort in the Philippines a tax of two percent (2%) of the total premium collected, whether such premiums are paid in money, notes, credits or any substitute for money; but premiums refunded within six (6) months after payment on account of rejection of risk or returned for other reason to a 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 nonresident, if any tax on such premium is imposed by the foreign country where the branch is established nor upon premiums collected or received on account of any reinsurance, if the insured, in case of personal insurance, resides outside the Philippines, if any tax on such premiums is imposed by the foreign country where the original insurance has been issued or perfected; nor upon that portion of the premiums collected or received by the insurance companies on variable contracts, in excess of the amounts necessary. to insure the lives of the variable contract owners.
"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. 183. Stamp Tax on Life Insurance Policies. — On all policies of insurance or other instruments by whatever name the same may be called, whereby any insurance shall be made or renewed upon any life or lives, there shall be collected. a one-time documentary stamp tax at the following rates:
If the amount of insurance does not exceed Php 100,000.00 exemptIf the amount of insurance exceeds Php100,000.00 but does not exceed Php300,000.00 Php10.00If the amount of insurance exceeds Php300,000.00 but does not exceed Php500,000.00 Php25.00If the amount of insurance exceeds Php500,000.00 but does not exceed Php750,000.00 Php50.00If the amount of insurance exceeds Php750,000.00 but does not exceed Php1,000,000.00 Php75.00If the amount of insurance exceeds Php1,000,000.00 Php100.00"
(Sgd.) JUAN PONCE ENRILE | (Sgd.) PROSPERO C. NOGRALES |
President of Senate | Speaker of the House of Representatives |
(Sgd.) EMMA LIRIO-REYES | (Sgd.) MARILYN B. BARUA-YAP |
Secretary of Senate | Secretary General House of Representatives |