Legislative History
| House Bill/Resolution NO. House Bill No. 5049, 12th Congress of the Republic |
| FULL TITLE : AN ACT ABOLISHING THE PREMIUM TAX AND DOCUMENTARY STAMP TAX ON LIFE INSURANCE POLICIES AND ANNUITIES, REPEALING FOR THE PURPOSE SECTION 123 AND 183, AND AMENDING SECTION 186 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED |
| ABSTRACT : This bill seeks to abolish the premium tax and documentary stamp tax on life insurance policies and annuities in order to strengthen the life insurance industry which is a vital source of long-term savings for a sustained economic growth of the country. > The main purpose of this bill is to lend support to a vital Philippine industry, the life insurance industry, which has been in place in our economy for almost a hundred years and among whose principal functions is the general of domestic longterm savings for economic development. Its passage will greatly support the industry's growth and development. Other countries have found such government policy economically and socially advantageous to its economy. |
| PRINCIPAL AUTHOR/S : LEDESMA, JULIO IV A. |
| DATE FILED : 2002-07-30 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Calalay (007 ) |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE |
| MOTHER BILL: House Bill No. 6563, 12th Congress of the Republic |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2002-08-05 |
Abstract
"This bill seeks to abolish the premium tax and documentary stamp tax on life insurance policies and annuities in order to strengthen the life insurance industry which is a vital source of long-term savings for a sustained economic growth of the country. > The main purpose of this bill is to lend support to a vital Philippine industry, the life insurance industry, which has been in place in our economy for almost a hundred years and among whose principal functions is the general of domestic longterm savings for economic development. Its passage will greatly support the industry's growth and development. Other countries have found such government policy economically and socially advantageous to its economy."
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.