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Section 286. Disposition of Proceeds of insurance Premium Tax - National Internal Revenue Code (NIRC)

Section 286. Disposition of Proceeds of insurance Premium Tax of National Internal Revenue Code (NIRC). Section 286. Disposition of Proceeds of insurance Premium Tax. - Twenty-five percent (25%) of the premium tax collected under Section 123 of this

  • Subjects 9 Bar syllabus groups
  • Codals 48 Primary legal sources

National Internal Revenue Code (NIRC)

Section 286. Disposition of Proceeds of insurance Premium Tax. - Twenty-five percent (25%) of the premium tax collected under Section 123 of this Code shall accrue to the Insurance Fund as contemplated in Section 418 of Presidential Decree No. 612 which shall be used for the purpose of defraying the expenses of the Insurance Commission. The Commissioner shall turn over and deliver the said Insurance Fund to the Insurance Commissioner as soon as the collection is made.

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