Amends Insurance Premium Tax Provisions

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PRESIDENTIAL DECREE NO. 739: Amends Insurance Premium Tax Provisions

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Title Source: Supreme Court: Amends Insurance Premium Tax Provisions

Law: Presidential Decree No. 739

Decision Date: Jul 1, 1975

Presidential Decree No. 739 amends the National Internal Revenue Code in the Philippines to introduce changes in the taxation of insurance premiums, ensuring the collection of the premium tax and exempting certain entities from paying the tax.

Definition and Scope of Cooperative Companies

Cooperative companies or associations are member-operated entities using pooled funds from members exclusively for their own protection without profit-making motives.

Allocation of Premium Tax Proceeds

25% of the premium tax collected under Section 255 is allocated to the Insurance Fund, as provided in Section 418 of Presidential Decree No. 612.
The Insurance Fund is designated for covering the operating expenses of the Insurance Commission.
The Commissioner of Internal Revenue is mandated to immediately turn over the Insurance Fund to the Insurance Commission upon collection.

Repeal and Amendments

All laws, rules, and regulations inconsistent with this decree are repealed, modified, or amended accordingly.

Effectivity

The decree takes effect immediately upon approval on July 1, 1975.

END