Affixing of Documentary Stamps by Insurance Companies

February 10, 1958 BIR RULING NO. 080-58 The Manila Fire Insurance Association Room 309, El Hogar Filipino Bldg. Juan Luna, Manila Gentlemen : Reference is made to your letter requesting reconsideration of our ruling embodied in the letter dated May 12, 1955 of this Office to Serf-Wel Commercial Corporation. You also requested that insurance companies be allowed, pursuant to previous authority respectively granted to them, to affix the documentary stamps either: (1) to the office copy of the insurance policy; (2) to the office copy of the bill covering the premium and stamps charged on policies; or (3) to the copy of the receipt for the premium and stamps, after the bill has been paid. In answer thereto, I have the honor to inform you that, pursuant to Section 237 of the Tax Code, in relation to Section 203 of the Revised Documentary Stamp Tax Regulations (Revenue Regulations No. 26), in cases of documents having duplicates kept by the persons issuing the same, the documentary stamp should be affixed to the duplicate, with the following note, initialed by a responsible person, made on the face of the document: "Documentary stamps to the value of P_____ have been affixed to the duplicate. Accordingly, and it being the fact that insurance companies keep duplicate copies of the insurance polices issued by them, they should affix the corresponding stamps to said copies in accordance with the provisions of the aforesaid law and regulations. LibLex Very truly yours, (SGD.) JOSE ARAAS Commissioner of Internal Revenue