Insurance Premiums are Generally Personal Expenses
BIR Ruling No. 613-58 • Bureau of Internal Revenue (BIR) Issuances • Rulings (Numbered) • Oct 16, 1958
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October 16, 1958 BIR RULING NO. 613-58 Mr. Uldarico E. Mutuc Branch Manager Fernando Villareal & Co., Inc. Bulacan Branch S i r : With reference to your letter dated February 28, 1958, I have the honor to inform you that insurance premiums are generally personal expenses and, therefore, are not deductible from gross income. However, premiums on insurance policies taken on business properties are deductible. LibLex Very truly yours, (SGD.) MELECIO R. DOMINGO Acting Commissioner of Internal Revenue
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