Deficiency Income Tax Liability of the Insurance Company of North America

December 9, 1960 BIR RULING NO. 524-60 Returned, thru the Revenue Operations Executive (Assessment), to the Chief, Income Tax Division, B.I.R., Manila, the papers bearing on the deficiency income tax liability of the Insurance Company of North America for the year 1955. It is the position of this Office that resident-foreign insurance companies are entitled to 5% of net premiums received in the Philippines as share in head office administration expenses. This allowance is construed as 5% of net income. LLphil He is advised to be guided accordingly in other cases of similar nature. MELECIO R. DOMINGO Commissioner of Internal Revenue