Republic Act No. 564

AN ACT TO AMEND SECTION TWO HUNDRED AND FIFTY-EIGHT OF COMMONWEALTH ACT NUMBERED FOUR HUNDRED AND SIXTY-SIX, OTHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE.

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:

Section 1. Section two hundred and fifty-eight of Commonwealth Act Numbered Four hundred and sixty-six is hereby amended to read as follows:

"Section 258. Tax due from agents of foreign insurance companies.Provided, however, That the provisions of this section shall not apply to reinsurance: And provided, further, That the prohibitions of this section shall not affect the right of an owner of property to apply for and obtain for himself policies in foreign companies in cases where said owner does not make use of the services of any agent, company, or corporation residing or doing business in the Philippines. In all cases where owners of property obtain insurance directly with foreign companies, it shall be the duty of said owners to report to the Insurance Commissioner and to the Collector of Internal Revenue each case where insurance has been so effected, and shall pay the tax of three per centum on premiums paid, in the manner required by section two hundred and fifty-five of insurance companies, and shall be subject to the same penalty for failure to do so."

Section 2. This Act shall take effect upon its approval.

Approved, August 11, 1950.