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A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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ACT NO. 1899
ACT NO. 1899 - AN ACT TO AMEND
SECTION ONE HUNDRED AND TWENTY-SIX OF ACT NUMBERED ELEVEN HUNDRED AND
EIGHTY-NINE, ENTITLED "THE INTERNAL REVENUE LAW OF NINETEEN HUNDRED AND
FOUR," BY PROVIDING THAT UPON REINSURANCE BY A COMPANY WHICH HAS
ALREADY EFFECTED THE INSURANCE AND PAID THE TAX, NO FURTHER TAX SHALL
BECOME DUE
Section 1. Section one hundred and twenty-six of Act Numbered
Eleven hundred and eighty-nine, entitled "The Internal Revenue Law of
Nineteen hundred and four," as amended, is hereby further amended to
read as follows:
"SECTION 126. There shall be levied and collected on every insurance company or
agency thereof doing business in the Philippine Islands a tax equal to
one per centum of the total premiums or other considerations received
and collected in the Philippine Islands after August first, nineteen
hundred and four, during each calendar year and whether said premiums
were paid in money, notes, credits, or any substitutes for money; and
every such company or agency shall, on or before the first day of July
in each year, pay to the treasurer of the province in which the place
of business is situated the tax due for the calendar year last
preceding: Provided, That insurance companies need not include in the
total premiums collected, and upon which the tax is to be levied, any
premiums returned to the parties insured within six months of the
payment thereof on account of the rejection of the risk by the company,
or for other reasons returned to the persons insured: And provided
further, That upon all reinsurance by a company which has already
effected the insurance and paid the tax no further tax shall become
due."
Sec. 2. This Act shall take effect on July first,
nineteen hundred and nine.
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