Legislative History
| House Bill/Resolution NO. House Bill No. 6563, 12th Congress of the Republic |
| FULL TITLE : AN ACT ABOLISHING THE PREMIUM TAX AND AMENDING THE DOCUMENTARY STAMP TAX ON LIFE INSURANCE POLICIES, ANNUITIES AND PRE-NEED PLANS, REPEALING FOR THE PURPOSE SECTION 123 AND AMENDING SECTIONS 183 AND 186 OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED |
| SHORT TITLE : Abolishing the Premium Tax and Amending the Documentary Stamp Tax on Life Insurance Policies, Annuities and Pre-Need Plans |
| ABSTRACT : The life insurance industry is a vital source of long-term savings, However, the heavy taxes currently imposed on the industry serve as a disincentive to buy life insurance and the generation of much needed savings for the economy. This bill pushes for the abolition of the premium tax on life insurance policies. Likewise, it seeks to amend Section 183 of the National Internal Revenue Code by adding a provision that no documentary stamp tax (DST) shall be imposed if the premium paying period for insurance policies and annuities exceeds five years. Furthermore, it shall also provide that no DST shall be imposed on all pre-need plans if the premium paying period is at least five years. The abolition of the premium tax and the non-imposition of the DST would boost the growth of the domestic insurance market. |
| PRINCIPAL AUTHOR/S : LEDESMA, JULIO IV A. |
| DATE FILED : 2003-11-12 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS : |
| 1. |
| ACTIONS TAKEN BY THE COMMITTEE |
| COMMITTEE REPORT NO. 01896 |
| SUBMITTED ON 2003-11-12 |
| SUBMITTED BY: WAYS AND MEANS |
| RECOMMENDATIONS: approval |
| SUBSTITUTED BILLS: House Bill No. 5049, 12th Congress of the Republic |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON RULES ON 2003-11-19 |
| DATE INCLUDED IN OB: 2003-11-19 |
| DATE CALENDARED : 2003-11-19 |
Abstract
The life insurance industry is a vital source of long-term savings, However, the heavy taxes currently imposed on the industry serve as a disincentive to buy life insurance and the generation of much needed savings for the economy. This bill pushes for the abolition of the premium tax on life insurance policies. Likewise, it seeks to amend Section 183 of the National Internal Revenue Code by adding a provision that no documentary stamp tax (DST) shall be imposed if the premium paying period for insurance policies and annuities exceeds five years. Furthermore, it shall also provide that no DST shall be imposed on all pre-need plans if the premium paying period is at least five years. The abolition of the premium tax and the non-imposition of the DST would boost the growth of the domestic insurance market.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.