BIR Ruling No. 038-63

April 26, 1963 BIR RULING NO. 038-63 Messrs. Ponce Enrile, Siguion Reyna, Montecillo & Belo Attorneys-At-Law 7th Floor Soriano Building Plaza Cervantes, Manila Gentlemen : In answer to your letter of August 16, 1962, I have the honor to inform you that the ruling of this Office dated April 16, 1941 appearing Vol. 40 Official Gazette, pp. 3961 to 3962 reading llcd "Where a policy is reissued to take the place of an old policy but the amount insured has not been increased, the life of the insured remains unchanged and the parties to the contract are the same, the reissued policy is not subject to the documentary stamp tax under the provisions of the National Internal Revenue Code. Where, however, a policy is reissued on the original life and at the original age but the of the insurance is increased, only the documentary stamp tax corresponding to the increase of the face value of the reissued policy over that of the old policy should be paid. In both cases, the new or re issued policies and their duplicate and stubs, if any, should bear a notation signed and initialed by a responsible officer of the company stating that the proper documentary stamps have been affixed to the policies and cancelled. The same rule is also applicable in cases where a lapsed life insurance policy is restated and simultaneously reissued with a change in its date of issue, the age of the insured, and the kind of policy in so far as the amount of the insurance has not been increased" is still in full force and effect. LibLex Very truly yours, (SGD.) JOSE B. LINGAD Acting Commissioner of Internal Revenue The above ruling was duly signed by the Acting Commissioner of Internal Revenue on April 26, 1963 (SGD.) P. F. LANDAS Revenue Operation Head (Legal)