Republic Acts1 min read
Section 59Sec./Art. 59
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Section 183 of the NIRC, as amended, is hereby further amended to read as follows:
"Sec. 183. Stamp Tax on Life Insurance Policies. On all policies of insurance or other instruments by whatever name the same may be called, whereby any insurance shall be made or renewed upon any life or lives, there shall be collected a one-time documentary stamp tax at the following rates:
"If the amount of insurance does not exceed ₱100,000
Exempt
"If the amount of Insurance exceeds ₱100,000 but does not exceed ₱300,000
₱20.00
"If the amount of insurance exceeds ₱300,000 but does not exceed ₱500,000
₱50.00
"If the amount of insurance exceeds ₱500,000 but does not exceed ₱750,000
₱100.00
"If the amount of insurance exceeds ₱750,000 but does not exceed ₱1,000,000
₱150.00
"If the amount of insurance exceeds ₱1,000,000
₱200.00"
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