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  • Ra 10001 Gma

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    Official Gazette PH
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    This document is an act passed by the Philippine legislature to reduce taxes on life insurance policies. It amends sections 123 and 183 of the country's National Internal Revenue Code to lower the tax rate on life insurance premiums from 2% to 1% if the amount is below 100,000 Philippine pesos. It also exempts cooperative insurance companies and mutual benefit associations from this tax. The act takes effect immediately upon its approval.

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    20100223-RA-10001-GMA

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    This document is an act passed by the Philippine legislature to reduce taxes on life insurance policies. It amends sections 123 and 183 of the country's National Internal Revenue Code to lower the tax rate on life insurance premiums from 2% to 1% if the amount is below 100,000 Philippine pesos. It also exempts cooperative insurance companies and mutual benefit associations from this tax. The act takes effect immediately upon its approval.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    22 views3 pages

    Ra 10001 Gma

    Uploaded by

    Official Gazette PH
    This document is an act passed by the Philippine legislature to reduce taxes on life insurance policies. It amends sections 123 and 183 of the country's National Internal Revenue Code to lower the tax rate on life insurance premiums from 2% to 1% if the amount is below 100,000 Philippine pesos. It also exempts cooperative insurance companies and mutual benefit associations from this tax. The act takes effect immediately upon its approval.

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    of 3

    1 lippines

    1
    Jftrcrrtemdf Lugrftl

    ~b~u1aijt!mrm

    a~~n and f}(:tI in Metro Man!1&. en M.-u:'trl::ltJ the !~er.t'~$tventn


    July. f\1lfO t!tOUS~(i 111M.

    [ REPUBUC No.1 1) (.,i:'

    AN ACT UDUCING THKTAXES ON UFE INSURAl'4CE


    POLICn,S, AMENDINg FOR TInS PURPOSE
    SEC"rIONS Its AND 183 OF TBE NATIONAL
    I~11'Ei.NALREVENlJE CODE OF 1591,ASAM"ENDJro

    Be tl f'nflctM by. lht Sl'nlittif (Mt/ HOllIe R."ra~ntl1liJQ qf tbe


    PhiUppm. i~ ~d

    ,~ Sectim1123<i_~m~R~nue
    as amended. is beNby further ameJ'lded to ftl:.8Iiaa

    I "'he. 123. 1'1U~" Life lnBU.nJ"," Pr.mi.~


    - 'f'beN-.uk~fioJa~~~J
    OI'~dm1(.~t purelJ·~"efDllPanfM
    g:r~.m_)d.oin, ii!e~ b~ otuq
    iu·the PhWppines a tax of ""0
    peft.'tnt <2"} uf
    the tatalpremiwu ~cteO.. wh.~ wclip.oefl'liwu
    we paid in man"),,, note... Of' any 1tuI:lSUt:u.r..
    ~

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    & (>~·tW{!: Go~:neota
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    tlaubl.lS' t'eet'J,p I.Ii;;
    apOft remB~Vu~:e bJ; a ('Dm.JIl'lDY IUU'O\I.Ilt 01 ..,....·....,"'n.:;>< ~. lDot
    thtt Pbp 100000,00

    lib. ~W1U)!;'E ~the ~fi~fiflll,(I Php lOO~OOO.OOb'tlt ftoPll ~

    I!no~dl!l.nt, tat on auea~miU:m mi:tnIJQMed PhpSOC'.ooo.OU

    bytbefUMJgn a,hfietry when~ the branch., ~b:fuihed


    Uthe $mil)mlltl)ft.'Uf\VtiDt~ eJlCilIMS
    ftQ7 pn'lmkuns wU~t.ed or 'I'I>.OI'lJIn!!'I
    PhpJOO,O(j{j. (II) but di~a not
    ,""In£!'ll~,nlIlre, iithe i~,
    exceed Php6(JO,OOOJ)(} Phr25 00
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    pr~mi'l.lNg is impolilt4by the romp;! Ul\Ul.tr1
    wne:re et"laaf lJllfW:4WCtr ltrul ~Iln Qf' PhpnOO.OOO.OO but
    :pen~d; nor UPIJU tba.~ ~ of .a~4
    oone~d itt
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    var.~ oontr~ m. ~lI.OO~fi I"IfI'illl'.n'1.tni,nt~ M(l!a$.Q'
    to i.sUl\Ii.' th@ u"ISof th& 'Il'~Ul~ contract IX' ner!!. Php1-'0.0I.Kl.«l btlL duet, nm
    I!~OI!'ed l'hpl.OOO.OOO.OO Php16.00
    ·Ooop$.rati'lle <Xn'tIplni~ or .~(iaJliI ~ ...'I.I£h
    III are du Diemh.'>t.. t.~>.N!!,,)f
    .rnll... ,.~ ~ amonr t nem4fel"et
    MNn Plfu~i.iO:tll\lild

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    1~'I '''jU\;'~

    Prml~ded. h6!l1.ell'ft

    tlu, cl'recti'llity
    NIl,-
    ,~tn~C
    ,.the Q$W
    balMet!.Uld for s, St~ o!FinaiIitC
    £lb,n, ·~0Jl (X"ll.w.ilolio,\·U~f
    ~
    " ....i
    Seetioli\l8!f of tI:le National U'll!A!l'''IIUU H'.I\I'i!iBUIe, pmtt:" ~ ~M.,~and l11fu.tat)OllS
    .,.
    ,.{
    or lit?.6 bere." mrt.lrer tu;lliftUI",;:'Q ~mrre implepaellt.'til.l,il Df~ ~Oi)8.cf~

    Sr.c.tl. C~,,­

    (,!;II l4ft! JM.j!utj~!'D,"l:;j1f ~io~Ciou!orm~, nIl.

    d 1tf.'Qran~ or -r»m,nln wd,

    wh@tC"I!Sr name dW~I,nne may 'he


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    OOl1lIiOUtJatifl'll of Bout No, SOl1


    5nd No, ~ fmnlly by .~ lto~
    of llep~l'M af:!d ~b:~ 00, Hi. 2008 am!
    u&::mf1lbH'.u, 2OlI9, reS'l~CI~e,IV

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