Payments of the Four Per Cent (4%) Premium Tax by Insurance Companies

February 28, 1983 REVENUE MEMORANDUM CIRCULAR NO. 08-83 SUBJECT : Payments of the Four Per Cent (4%) Premium Tax by Insurance Companies TO : Revenue Service Chief, Revenue Regional Directors, Revenue District Officers, District Collection Supervisors, Revenue Collectors, Revenue Cash Clerks and Others Concerned Quoted hereunder is the self-explanatory Circular Letter, dated June 30, 1981 issued by Honorable Gregoria Cruz Arnaldo, Insurance Commissioner for the information, guidance and compliance of all concerned, to wit: "Subject : Payment of the Four Per Cent (4%) Premium Tax required under Section 263 of the National Internal Revenue Code of 1977 (formerly Section 255 of the NIRC, as amended by P.D. No. 739) "To : All Insurance Companies Doing Business in the Philippines In order to facilitate the issuance of the corresponding confirmation/certification by the Bureau of Internal Revenue of the share of Premium Tax accruing to the Insurance Fund, all insurance companies doing business in the Philippines are hereby enjoined to pay the four per cent (4%) Premium Tax required under Section 263 of the National Internal Revenue Code of 1977 (formerly Section 255 of the NIRC, as amended by P.D. 739), to the nearest office or agency of the Philippine National Bank, Land Bank of the Philippines or the Philippine Veterans Bank. casia This Circular shall take effect immediately. (Sgd.) Gregoria Cruz Arnaldo Insurance Commissioner" In another Circular Letter, dated January 25, 1983 on the same subject matter, the Insurance Commissioner has enjoined all insurance companies doing business in the Philippines "to see to it that whenever payments are made, the right kind of tax (Premium Tax) and the Tax Numeric Code No. 7030-0001 be indicated in the Revenue Tax Receipt (RTR) and Central Bank Confirmation Receipt (CBCR) issued by BIR agents and by authorized agent banks, respectively." casia All internal revenue officers concerned are hereby directed to give this Revenue Memorandum Circular as wide a publicity as possible for proper implementation. (SGD.) RUBEN B. ANCHETA Acting Commissioner