Amendments to Sections 134-136 of DENR Administrative Order No. 96-40

August 16, 1968 REVENUE REGULATIONS NO. 04-68 SUBJECT : Amending Sections 56 and 58 of Regulations No. 26, the Documentary Stamp Tax Regulations TO : All Internal Revenue Officers and Others Concerned Pursuant to Section 338, in relation to Section 4(j), both of the National Internal Revenue Code, the following regulations amending Sections 56 and 58 of Regulations No. 26, The Documentary Stamp Tax Regulations are hereby promulgated and shall be known as Revenue Regulations No. 4-68. aisadc SECTION 1. Section 56 of Regulations No. 26 is hereby amended to read as follows: SEC. 56. Contract of Reinsurance . A contract of reinsurance is [also subject to tax inasmuch as the original insurer insures his risk to the reinsurer so that the reinsurance contract falls within the provisions of this subsection.] NOT SUBJECT TO TAX FOR THE REASON THAT THE SAME IS NOT INCLUDED IN THE TERM "POLICIES OF INSURANCE" WHICH APPLIES ONLY TO ORIGINAL CONTRACTS OF INSURANCE. SECTION 2. Section 58 of Regulations No. 26 is hereby amended to read as follows: SEC. 58. In case where the insurance company accepts the insurance on an entire cargo and a policy is duly issued, and a portion of the risk is reinsured in another company and another policy is issued for the reason that the former does not want to assume all responsibility, [there are two policies of insurance.] ONLY the original policy issued by the former company [and the reinsurance policy issued by the latter, and for the purpose of the documentary stamp tax, both the original policy and the reinsurance policy are] IS subject to the tax [as the law provides that whenever a policy of insurance is issued, the tax accrues]. lexlib SECTION 3. These regulations take effect upon promulgation in the Official Gazette. JUAN PONCE ENRILE Acting Secretary of Finance Recommended by: MISAEL P. VERA Commissioner of Internal Revenue August 16, 1968 The Honorable The Secretary of Finance M a n i l a S i r : I have the honor to forward herewith, for approval, proposed Revenue Regulations No. 4-68 and Revenue Memorandum Circular No. 27-68. Very truly yours, MISAEL P. VERA Commissioner of Internal Revenue 1st Indorsement October 3, 1968 Respectfully returned to the Commissioner of Internal Revenue, Manila, the attached proposed Revenue Regulations No. 4-68, dated August 16, 1968, amending Sections 56 and 58 of Regulations No. 26 treating on the Documentary Stamp Tax Regulations, approved. cdlex JUAN PONCE ENRILE Acting Secretary Republic Act No. 4917 [EDITOR'S NOTE] See last page of RA 875, III CPS 457-459, for list of related statutes on labor.